Auditing and Assurance Services
In India, auditing and assurance services are governed by various laws and regulations, such as the Companies Act and the Chartered Accountants Act.
What is the Meaning of Investment?
An investment is the use of money or capital to purchase an asset with the expectation of earning income or capital gains in the future. Investments can take many forms, including stocks, bonds, real estate, mutual funds, and commodities. The goal of investing is to put money to work in an effort to grow wealth over time.
What is the Meaning and Definition of Depreciation?
Depreciation is the systematic and rational allocation of the cost of an asset over its useful life. It is a method of accounting that is used to account for the decline in value of an asset over time, as a result of wear and tear, obsolescence or other factors. It is an expense that is recorded on the income statement, which reduces the value of an asset on the balance sheet over time.
What is Accounts of Non-Trading Institution, Individuals?
Non-trading institutions, such as government agencies and non-profit organizations, typically have accounts similar to those of businesses, such as checking and savings accounts. These accounts are used to manage the institution's financial transactions and funds. Individuals also have accounts such as checking, savings, and investment accounts. These accounts are used to manage personal finances and savings.
What is shares?
Shares, also known as stocks or equities, represent a unit of ownership in a company. When a company issues shares, it is effectively selling a small piece of the business to investors. The total value of a company's shares is known as its market capitalization.
What is the Meaning and Definition of Debentures?
Debentures are a type of debt instrument that is issued by a company to raise capital. They are similar to bonds in that they represent a promise by the company to repay the principal amount of the debenture, plus interest, on a specified date in the future.
What is BRS (Bank Reconciliation Statement)?
A bank reconciliation statement is a document that compares the cash balance in a company's accounting records to the corresponding amount on the bank statement. The statement is used to identify and reconcile any differences between the two records, such as outstanding checks, deposits in transit, or bank fees. The purpose of a bank reconciliation is to ensure that the cash balance in the company's records is accurate and that all transactions have been recorded properly.
What is the Meaning and Definition of Share Capital?
Share capital, also known as equity capital or registered capital, is the amount of money that a company raises by issuing shares of stock to investors. This money is used to finance the company's operations, invest in new projects, and pay dividends to shareholders. Share capital represents the ownership of a company, and shareholders are entitled to a proportionate share of the company's profits and assets.
What is Ledger?
A ledger is a financial record that is used to record and classify a business's financial transactions. It is a collection of accounts that represents all the assets, liabilities, equity, revenue, and expenses of the business. Each account in the ledger represents a specific type of financial transaction, such as cash, accounts receivable, or accounts payable.
What is Unearned Income or Unaccrued Income?
Unearned income, also known as deferred income, refers to income that a business has been paid for in advance, but has not yet earned. This type of income is recorded as a liability on a company's balance sheet until the goods or services are provided and the income can be recognized as earned.