” Profit is the gross flux of cash, receivables, or other consideration arising in the course of an enterprise’s ordinary conditioning from the trade of goods, picture of services, and from colorful other sources similar as interest, royalties, and tips,” according to the ICAI’s AS 9 Profit Recognition.
Cash management, as the name implies, is the most efficient use of cash to ensure maximum liquidity and profit. It relates to the gathering, disbursement, and investment of funds in a correct manner. The right use of cash ensures the viability of a small business. As a result, cash management is an important company function that […]
AS 13 Accounting for Investments is a widely used standard that governs the accounting for investments in a company’s financial statements and specifies different disclosure criteria.
The following are not covered by AS 13 Accounting for Investments:
AS 7 Construction Contract defines and specifies the accounting treatment of revenue and expenditures associated with a construction contract. Construction contracts have to be accounted for in the financial statements of the contractors using Accounting Standard 7 Construction Contract.
A construction contract is one that is entered into expressly for the building of […]
An auditor is a qualified individual who examines and confirms the accuracy of financial documents and ensures that businesses adhere to tax regulations. Their main goal is to safeguard organizations from fraud and to draw attention to any inconsistencies in accounting systems, among other things. In general, being an auditor is not a stroll in the […]
The ICAI has established Accounting Standard AS 22 for the purpose of accounting for income taxes. AS 22 is used to reconcile the disparities between taxable and accounting income. 1. Accounting income is the net profit before taxes recorded in the profit and loss statement for a certain period. 2. Taxable income is income that […]
