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Lesson Posted on 05/07/2018 Learn ICWA Coaching +18 Commerce BCom Tuition Banking and Insurance E-Commerce Financial Accounting MCom Tuition MBA Tuition CPT Company Secratary (CS) Coaching Regular Classes Crash Course BBA Tuition Fundamentals of Accounting Financial Management Management Accounting Commerce E-Commerce Accountancy

Is accountancy science and art? Explain ?

Kousiki Chakraborty

Teaching is my hobby and not my profession. I have around 16 years teaching experience. I started my...

Is accountancy science and art?:--Accountancy plays a very important role in these days of growing commercial and trade. Frequently various laws and Acts like—Company’s Act, M.R.T.P. Act are being changed to meet the various requirements of an economy. So, business, trade, commerce are becoming... read more

Is accountancy science and art?:--Accountancy plays a very important role in these days of growing commercial and trade. Frequently various laws and Acts like—Company’s Act, M.R.T.P. Act are being changed to meet the various requirements of an economy. So, business, trade, commerce are becoming more and more complex with the changes of business laws and regulations , the role of accountancy is also changing. Accountancy is both science and art. Science means knowledge while art is action or the way of doing a thing in a significant way on the basis of certain accepted principles. Now-a-days , accountancy has so much of practical utility that its theoretical study is overshadowed by its practical application. It has now become a practice-oriented subject. If, we analyse the definitions of accountancy we will find that it is a systematic and scientific record of transactions in a set of books. Recording of transactions is an art which is done on the basis of certain accounting principles.

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Lesson Posted on 16/06/2018 Learn ICWA Coaching +13 BBA Tuition Fundamentals of Accounting Financial Management International Business MBA Tuition Commerce Financial Accounting E-Commerce MCom Tuition CPT Company Secratary (CS) Coaching Accountancy Economics

What is Co- Branding?

Kousiki Chakraborty

Teaching is my hobby and not my profession. I have around 16 years teaching experience. I started my...

Co branding is the utilization of two or more brands to name a new product. The ingredient brands help each other to achieve their aims. The overall synchronization between the brand pair and the new product has to be kept in mind. Example of co-branding - Citibank co-branded with MTV to launch a co-branded... read more

Co branding is the utilization of two or more brands to name a new product. The ingredient brands help each other to achieve their aims. The overall synchronization between the brand pair and the new product has to be kept in mind.

Example of co-branding - Citibank co-branded with MTV to launch a co-branded debit card. This card is beneficial to customers who can avail benefits at specific outlets called MTV Citibank club.

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Lesson Posted on 25/05/2018 Learn ICWA Coaching +9 BCom Tuition MCom Tuition MBA Tuition CPT Company Secratary (CS) Coaching BBA Tuition Fundamentals of Accounting Commerce Accountancy

A short Concept of Dividend in Accountancy :--

Kousiki Chakraborty

Teaching is my hobby and not my profession. I have around 16 years teaching experience. I started my...

A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, paid to a class of its shareholders. Dividends can be issued as cash payments, as shares of stock, or other property. When a corporation declares a dividend on its common stock, it will credit a current... read more

A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, paid to a class of its shareholders. Dividends can be issued as cash payments, as shares of stock, or other property.

When a corporation declares a dividend on its common stock, it will credit a current liability account Dividends Payable and will debit either 1) Retained Earnings, or 2)Cash Dividends Declared. Cash Dividends Declared is a balance sheet account, but it is a temporary account.

The cash dividend affects primarily cash and shareholders' equity accounts. There is no separate balance sheet account for dividends after they are paid. However, after the dividend declaration and before the actual payment, the company records a liability to its shareholders in the dividend payable account.

For Companies, Dividends Are Liabilities. Conversely, the assets of the issuing company are reduced by the payment of a dividend. ... When a dividend is declared, the total value is deducted from the company's retained earnings and transferred to a temporary liability sub-account called dividends payable.

 

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Lesson Posted on 25/05/2018 Learn ICWA Coaching +8 BCom Tuition MCom Tuition BBA Tuition Fundamentals of Accounting MBA Tuition CPT Commerce Company Secratary (CS) Coaching

A short concept of Stock Turnover Ratio in Accountancy:--

Kousiki Chakraborty

Teaching is my hobby and not my profession. I have around 16 years teaching experience. I started my...

Inventory turnover is a ratio showing how many times a company's inventory is sold and replaced over a period of time.The formula is given below:-- Stock Turnover= If a company has a high ratio (anywhere above 1) then they are capable of paying their short-term obligations. The higher the ratio, the... read more

Inventory turnover is a ratio showing how many times a company's inventory is sold and replaced over a period of time.The formula is given below:--

Stock Turnover=[Cost of sales / Average stock Held]

If a company has a high ratio (anywhere above 1) then they are capable of paying their short-term obligations. The higher the ratio, the more capable the company. On the other hand, if the company's current ratio is below 1, this suggests that the company is not able to pay off their short-term liabilities with cash.

Inventory Turnover Ratio is the ratio of Cost of Goods Sold / Average Inventory during the same time period. The higher the Inventory Turnover Ratio, the more likely it is that a business is carrying too much inventory. Overstocking means that cash is being tied up in inventory assets for a prolonged period.

 

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Lesson Posted on 25/05/2018 Learn ICWA Coaching +10 BCom Tuition MCom Tuition BBA Tuition Fundamentals of Accounting MBA Tuition CPT Company Secratary (CS) Coaching Commerce Accountancy Economics

A short concept of Fiscal Deficit in Economics :--

Kousiki Chakraborty

Teaching is my hobby and not my profession. I have around 16 years teaching experience. I started my...

A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. Deficit differs from debt, which is an accumulation of yearly deficits. A country's fiscal deficit is usually communicated as a percentage of its gross domestic product... read more

A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. Deficit differs from debt, which is an accumulation of yearly deficits.

A country's fiscal deficit is usually communicated as a percentage of its gross domestic product (GDP).

Deficits are also caused from a decline in revenue due to an economic contraction such as a recession or depression. Unplanned events, such as natural disasters and war, can also cause deficits.

A deficit is the amount by which a sum falls short of some reference amount. Ineconomics, a deficit is an excess of expenditures over revenue in a given time period; in more specific cases it may refer to: Balance of payments deficit, when the balance of payments is negative. Government budget deficit.

The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government. While calculating the total revenue, borrowings are not included. Primary deficit is one of the parts of fiscal deficit.

Government spending, inflation and lower revenue are among some of the main factors that point to fiscal deficit. But when there is an increase in fiscal deficit it means that the government is spending too much while it is earning less. Hence, it isimportant that the government keeps its expenses under control.

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Lesson Posted on 07/05/2018 Learn ICWA Coaching +18 Accountancy CA Coaching IPCC Group 1 CA Final IPCC Group 2 CPT Crash Course Company Secratary (CS) Coaching ACCA Exam Coaching BCom Tuition Income Tax Laws MCom Tuition BBA Tuition Fundamentals of Accounting Financial Management Class 11 Class 12 MBA Tuition

DEPENDENT BRANCH

CA Prashanth Reddy

I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...

Dependent Branch: A branch which is dependent upon Head Office mainly for “Goods and Cash”. Books of accounts relating to such branch also will be maintained by Head Office. Features of Dependent Branch: Branch receives goods from Head Office. Only those goods supplied by Head office... read more

Dependent Branch: A branch which is dependent upon Head Office mainly for “Goods and Cash”.  Books of accounts relating to such branch also will be maintained by Head Office.

Features of Dependent Branch:

  1. Branch receives goods from Head Office. Only those goods supplied by Head office will be dealt (sold) by branch. However, in case of need/emergency, the branch may be allowed to make local purchase after getting consent from Head Office. For those purchases, payments may be directly made by Head office or funds transferred to branch.
  2. Goods may be supplied to Head office at Cost price / Invoice price
  3. Branch normally makes cash sales. In some cases, branch is allowed to make credit sales also to regular/approved customers (with the consent of Head office).
  4. Cash sales and collection from debtors are periodically remitted to Head office.
  5. Branch accounts will be maintained by Head Office. However Branch maintains memorandum books like petty cash, debtors etc.
  6. Branch expenses like salary, rent etc. are paid/met by Head office. For this purpose there can be two alternatives.
  7. Head office separately sends cash to branch for meeting expenses
  8. Branch while remitting cash to head office, deducts some portion (towards expenses) and balance will be remitted.
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Lesson Posted on 07/05/2018 Learn ICWA Coaching +19 IPCC Group 1 IPCC Group 2 CA Final CA Coaching CPT Crash Course Company Secratary (CS) Coaching Company Law Regular Classes Crash Course Types of Companies BCom Tuition Income Tax Laws BBA Tuition Fundamentals of Accounting Financial Management Financial Accounting Class 11 Class 12

USERS OF FINANCIAL STATEMENTS

CA Prashanth Reddy

I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...

Accounting is the language of business. The objective of such language is to communicate information which is useful for varied category of people. Collectively we call them as “Users of financial statements”. Day by day, users of financial statement getting expanded, here is the list of... read more

Accounting is the language of business. The objective of such language is to communicate information which is useful for varied category of people. Collectively we call them as “Users of financial statements”. Day by day, users of financial statement getting expanded, here is the list of “Users” which can be remembered in our Traditional “A,B, C, D .. Format.

A Auditor
B Banks/buyers
C Creditors/credit agencies/competitors
D Debtors/Director
E Employees
F Financial Institutions
G Government
H Holders of Capital
I Investors
J Journalists (media)
K Key Managerial Personnel’s (KMP’s)
L Legislators
M Management/Money lenders
N Nation
O Owners
P Public/Prospective investors
Q Quantitative Analysts
R Regulatory agencies
S Students/stockbrokers
T Tax authorities
U Unions (trade/labour)
V Vendors
W Workers

 

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Lesson Posted on 07/05/2018 Learn ICWA Coaching +17 CA Coaching CA Final CPT Crash Course IPCC Group 1 IPCC Group 2 CAT Coaching Company Law Company Secratary (CS) Coaching Regular Classes Crash Course ACCA Exam Coaching BCom Tuition Income Tax Laws MCom Tuition Fundamentals of Accounting Financial Management

Company Accounts - Preparation of Financial Statements

CA Prashanth Reddy

I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...

What are the Statutory Provisions relating to the Transfer of Profits to Reserves? Answer: As per companies Act, 2013 there is no requirement of minimum transfer of profits to reserves. The company can transfer any amount of profits to reserves as per its own judgement before paying dividends. Depreciation... read more

What are the Statutory Provisions relating to the Transfer of Profits to Reserves?

Answer:

As per companies Act, 2013 there is no requirement of minimum transfer of profits to reserves. The company can transfer any amount of profits to reserves as per its own judgement before paying dividends.

 Depreciation is calculated from the period when the asset is put to use as per INCOME TAX Act.

 

Managerial Remuneration: Section 197 AND SCHEDULE V prescribes overall maximum managerial remuneration. Managerial personnel means directors on the board of directors.

Summary of different limits based on net profit of the company is :

Sl. No.

Managerial Personnel

% of Net  Profits U/S  SECTION  198

(Maximum)

1.

Overall (excluding fees for attending meetings)

11%

2.

If there is one managerial personal

5%

3.

If there is more than one managerial personnel

10%

4.

Remuneration of part-time Directors:

(a)  If there is no manager or whole – time director

(b)  If there is a managing director of whole time director

 

3%

1%

 

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Answered on 06/05/2018 Learn ICWA Coaching

If I pass ICWA final exams but doesn't take the membership of the institute, can I apply for government jobs?

Naveen Pradeep N

Tutor

yes, you can do so.
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Answered on 20/06/2018 Learn ICWA Coaching

How do I clear the ICWA foundation course in the first attempt?

CA Sonali Doshi

Accountant

First thourly study the study material provided by the institute and understand all the concepts and theory and then there are test papers on institute site which are good to practice more. Also you can refer the scanners for additional practice.
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