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Lesson Posted on 30 Mar Tuition/BCom Tuition/Accounting Information Systems Tuition/BBA Tuition/Fundamentals of Accounting CBSE/Class 11/Commerce/Accountancy/Unit 1-Financial Accounting(Part A)Theoretical Framework/Chapter-Introduction to Accounting

Accounting Policies

Praveen Kumar Urimi

Qualified Chartered accountancy course in the first appearance. Having almost 5 years of work experience...

Definition: Accounting Policies refer to specific accounting principles and applying those principles adopted by the enterprise in the preparation and presentation of Financial Statements. Need for Accounting Policies: They provide uniformity and enable comparison of financial performance between... read more

Definition: Accounting Policies refer to specific accounting principles and applying those principles adopted by the enterprise in the preparation and presentation of Financial Statements.

 

Need for Accounting Policies: They provide uniformity and enable comparison of financial performance between two entities. In the absence of these policies, each entity will apply its policies, which will alter the entity's financial position and results.

E.g., If Entity-A and B purchased Raw material at Rs. 1Crore on 1st Jan 2021, If Entity-A's policy is to value Raw material stock at Cost and Entity-B, it is to value at Cost or Net RealisableRealizable Value whichever is less. At the Balance Sheet date (Say at 31st Mar 2021), if the Net Realisable value falling to Rs. 80Lakhs, Entity-A profit will be more by Rs.20Lakhs than in Comparision to Entity-B, even though both the entities have purchased at the same value. A prospective Investor Comparing the entities' financial performances will be under the impression that Entity-B is not performing well, and he will go ahead and invest in Entity-A. So, to bring Uniformity accounting policies are to be disclosed.

 

Selection of Accounting Policies: As seen earlier, we can understand how a single policy alters the entity's performance. Hence they are to be selected with due care. Significant characteristics that should be considered while selecting Accounting policies are Prudence, Substance over form, and Materiality.

 

Change in Accounting Policies: A shift in Accounting policies should be made in the following situations:

A. If it is required as per some statute or in compliance with an accounting standard.

B. Change would provide a more appropriate presentation of financial statements.

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Lesson Posted on 19 Mar Tuition/BBA Tuition/Fundamentals of Accounting Tuition/BCom Tuition/Financial Accounting

Meaning of Accounting

Praveen Kumar Urimi

Qualified Chartered accountancy course in the first appearance. Having almost 5 years of work experience...

MEANING: The process of accounting starts with identifying transactions and events of a financial character and recording them in books of accounts; this will be done in primary books(Journal). After the recording is done, the next step is to classify the same, which will be done in secondary books (Ledger).... read more

MEANING: The process of accounting starts with identifying transactions and events of a financial character and recording them in books of accounts; this will be done in primary books(Journal). After the recording is done, the next step is to classify the same, which will be done in secondary books (Ledger). A point to be noted here is that not every transaction or event in the business is recorded in books of accounts; only the transaction or event with financial character is recorded. E.g., A person visiting the store is not recorded. But, if the same person purchased something upon which the business is earning income, it would be recorded in its books of accounts as sales Income. In Ledger, all the transactions & events are classified based on nature (Income, Expense, Asset & Liability). They are Summarised in the Profit & Loss Account and Balance Sheet.

The numbers/figures summarised in the earlier step will not help anyone unless they are Interpreted and Analysed by establishing the relationship between the Items of P&L and the Balance Sheet. It will enable the stakeholders(Investors, Employees, Lenders, Suppliers, Customers, government etc.,) to make meaningful decisions about the business entity's financial position and performance.

With the changing business conditions and diversification of ownership & management, accounting doesn't end with InterpretingInterpreting. Communicating the accounting results also is gaining importance, and it is considered part of accounting.

Hence procedure of Accounting involves recording, classifying, Summarising, Analysing, Interpreting and communicating.

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Answered on 23 Mar Tuition/BBA Tuition/Micro and Macro Economics

Soumita Sen

National Award Winning Experienced Career Counsellor & Teacher - Taught over 1000 students

Memorise and write the formulae as many times. Then solve questions based on the same, and you will remember it better for a long time.
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Lesson Posted on 23/10/2020 Tuition/MBA Tuition Tuition/BBA Tuition

Industrial Relations

M Grace .

MBA HR and Marketing qualified in 2005. Qualified in NET Labor Laws 2019. 10 years of rich HR industry...

Absence of Industrial Relations(IR) leads to –Industrial Conflicts and Disputes –Continuation of unfair practices –Difficulty in maintaining and retaining Labor –Difficulty in meeting the industrial purpose for which they are established IR Concepts Collective Bargaining Role... read more

Absence of Industrial Relations(IR) leads to

–Industrial Conflicts and Disputes

–Continuation of unfair practices

–Difficulty in maintaining and retaining Labor

–Difficulty in meeting the industrial purpose for which they are established

 

IR Concepts

  • Collective Bargaining
  • Role of management, Unions and Government
  • Machinery for Industrial Disputes
  • Individual Grievance and Disciplinary
  • Labor Legislation
  • Industrial Relations Training

Collective Bargaining

It is defined as a power relationships between Trade Unions organization and Management organization. Primarily political.  Flanders

A means of social control with an industry and an institution expression of the class struggle between capital and Labor in a capitalist society.  Marx

 

Functions of Collective Bargaining

John Dunlop and Derek Bok listed five essential functions of CB

  • Establishing the rules of the workplace.
  • Determining the form of compensation.
  • Standardizing Compensation.
  • Determining priorities on each side.
  • Redesigning the machinery of bargaining.
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Lesson Posted on 29/08/2020 CBSE/Class 11/Commerce/Economics Tuition/BBA Tuition/Micro and Macro Economics Tuition/BCom Tuition/Indian Economy +7 Tuition/BCom Tuition/Micro & Macro Economics Exam Coaching/UGC NET Exam Coaching CBSE/Class 12/Humanities/Political Science Part I/Environment and Natural Resources Tuition/BA Tuition/Environmental Study Tuition/BCom Tuition Tuition/BBA Tuition Tuition less

ENVIRONMENTAL ECONOMICS

Richa Mishra

Doctorate in Economics. PGDBA in Finance Masters in Economics with university gold medal. More than...

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Lesson Posted on 29/08/2020 CBSE/Class 11/Commerce/Economics Tuition/BBA Tuition/Micro and Macro Economics Financial Planning +3 Exam Coaching/UGC NET Exam Coaching/Commerce Tuition/BCom Tuition/Indian Economy Tuition/BCom Tuition/Micro & Macro Economics less

13th & 14th Finance Commission

Richa Mishra

Doctorate in Economics. PGDBA in Finance Masters in Economics with university gold medal. More than...

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Answered on 02/11/2020 Tuition/BBA Tuition/Corporate Accounting Tuition/BBA Tuition/Management Accounting

Can the incoming partner (in the partnership firm) be exempted from the goodwill as per the Partnership At, 1932?

EduDais Tuition

Yes, can be exempted with certain conditions.
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Lesson Posted on 29/07/2020 Tuition/BBA Tuition/Micro and Macro Economics Tuition/BCom Tuition/Micro & Macro Economics CBSE/Class 12

Economics

Shipra

INTRODUCTION Every individual has specific needs, for the satisfaction of which, he/she needs resources. But the resources that a person have, to satisfy his needs are always limited and have alternative uses, and his needs are unlimited. For example, Ram has Rs. 100 (resource) which he can use to satisfy... read more

INTRODUCTION

Every individual has specific needs, for the satisfaction of which, he/she needs resources. But the resources that a person have, to satisfy his needs are always limited and have alternative uses, and his needs are unlimited. For example, Ram has Rs. 100 (resource) which he can use to satisfy his various requirements such as food, cloth, entertainment (alternative uses) etc. But all needs can not be satisfied with Rs—100 (a limited resource). So, the problem of scarcity of resources in relation to our needs has led to the emergence of Economics as a subject matter of study. 

ECONOMICS

Economics is the study of economic problems or issues that arises due to the scarcity of resources about our needs and alternative uses of those scarce resources. So, it focuses on the rational management of limited resources in such a way that economic welfare is maximized.

Economics is broadly divided into two parts:

  1. Microeconomics
  2. Macroeconomics

Microeconomics

Microeconomics refers to that part of the economics in which the economic problems are studied at the level of an individual - an individual firm, a particular consumer. The main components of microeconomics are Theory of consumer behaviour, Theory of producer behaviour, Theory of price etc.

Macroeconomics

Macroeconomics refers to that part of economics in which the economic problems are studied at the level of the economy as a whole, i.e. at an aggregate level. The main components of macroeconomics are Theory related to the equilibrium level of output or employment, Fiscal and Monetary Policies, Money supply and Credit creation, National income etc.

It should be noted that while studying microeconomics, macro variables are assumed to be constant, and while exploring macroeconomics, micro variables are assumed to be constant.

Have a beautiful day :)

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Lesson Posted on 10/07/2020 Tuition/BBA Tuition/Micro and Macro Economics Tuition/BCom Tuition/Micro & Macro Economics

Introduction to Managerial Economics

Dr Neelam

MANAGERIAL ECONOMICS Application of Economics in Managerial Decision Making to optimize resources of the firm and maximize the value of the firm What is economics? The best product, wealth, or service you can get through the resources within constraints we have. Economics talks about Rational... read more

MANAGERIAL ECONOMICS   

Application of Economics in Managerial Decision Making to optimize resources of the firm and maximize the value of the firm 

 What is economics?

  • The best product, wealth, or service you can get through the resources within constraints we have.
  • Economics talks about Rational Human beings.

Rational human beings: Rational behaviour refers to a decision-making process that is based on making choices that result in the optimal level of benefit or utility for an individual. It means when humans are presented with various options under the conditions of scarcity, they will choose the option that maximizes their satisfaction.

Demand in economics refers to a consumer's desire to purchase goods, or services, and willingness to pay the price for specific products or services.

DEMAND   is an essential concept in  Economics. The three most critical components of need are :

  1. Utility
  2. Affordability
  3. Accessibility

 A Consumer may have elastic or inelastic demand for a good or service. 

 ELASTIC DEMAND: In simple words, If the selling price of a product decreases, there will be an increase in the number of units. Demand elastic when with a small change in price, there is a notable change in quantity demanded eg.: clothing brands when buying online, Shampoo, Soap etc.

 INELASTIC DEMAND: DEMAND is rigid or less elastic when even a significant change in price induces only a slight shift in demand. For eg.: Petrol, Indian railways etc.

Keep Reading!                                  

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Answered on 08/08/2020 Tuition/BBA Tuition/Micro and Macro Economics

Devi Senthil Kumar

Mathematics coacher with 15 yrs of teaching experience in chennai

Yes, it will surely help you. You must be equipped with online tools to teach the lessons as well as it increases your pro-score. Also to get a higher ranking, and to reach children easily, it is the best method.
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