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Accounting Standard 1 Disclose of Accounting Policies.  Q. What is accounting policies?  Ans. Accounting policies refers to specific accounting principles and the method of applying those principles adopted by the enterprise in preparation and presentation of financial statement. At the time of preparation of financial statement (Balance Sheet and P/L A/C) there are many areas which has more than 1 method of accounting treatment.  Q. What are notes to account?  Notes to account are explanation of management about the items in financial statement. The management gives more explanation and information about the item of P/L A/C and B/S. What are the need for disclosure of accounting policies?  Ans. For proper and better understanding of financial statement it is required that all significant accounting policies follow in preparation of financial statement should be disclosed because assets and liabilities in the B/S and P/L A/C are significantly...

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Department Accounting Departmental Accounting is a account which is prepared when all the division of a business is located under one roof and it is prepared to a ascertain profit and loss of each department separately.  Advantages of departmental accounting Main advantages of departmental accounting are:  1. Result of each department may be critically compared.  2. Result of different department may help the management in decision making.  Q. What is unrealised profit on stock?  When good are sent at invoice price then the stock either opening or closing are valued at invoice price. Loading included on stock is called unrealised profit on stock.  ------------------*****------------------

Partnership Account:  Dissolution (Important notes) Garner vs Morry Rule (One Partner Insolvency) If a partner become insolvent and fail to pay his debit balance of capital account either whole or in part, the unrecoverable portion is a loss to be borne by solvent partners. (i.e., When partner become insolvent but firm is solvent) Rule let down in Garner vs Murry are as under: 1. All the partners who are solvent should bring cash equal to there share of loss on realisation. 2. The loss arising as a result of insolvency of the partners should be borne by the solvent partners in the ratio of there last agreed capital. 3. In case of fixed capital system capital as per last balance sheet represent last agreed capital. 4. In case of fluctuating capital system however the necessary adjustment in respect of reserve, unappropriated profit or loss, etc must be made to get the last agreed capital. Q. Explain the rules of gradual realisation of assets and piece meal distribu...

CHAPTER 1 NATURE AND SIGNIFICANCE  OF MANAGEMENT CONCEPT OF MANAGEMENT Management is defined as a process of getting things done with the aim of achieving goals effectively and efficiently.  Q. What do you mean by Effectiveness? Ans. Effectiveness is said when manager completes the task in time but without considering cost. Q. What do you mean by Efficiency? Ans. Efficiency is said manager completes the task in time considering the cost. CHARACTERISTICS/FEATURES OF MANAGEMENT  (i) Management is a goal-oriented process:  Every organisation has a  set of basic goals to be achieved. For example:-  to increase sales, to increase profit %.  (ii) Management is all pervasive/ Management is a Universal process : Management is applicable every where i.e., in all institution (social, religious, hospitals, schools, etc) and at every level.  (iii) Management is multidimensional:  It has three main dimensions:-...