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QUESTION: Discuss important Accounting Concepts? Accounting Concepts are the foundation of the accounting. These concepts are the assumptions which are generally accepted and followed while performing the recording of transactions and preparation of final accounts. The accounting concepts help in conveying the financial information in a same meaning to the various users of the accounting….
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Question: Discuss the nature and scope of Financial Accounting? Accounting is art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof. The Nature of Accounting can be defined in two ways: Quantitative Attributes of…
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OBJECTIVES OF BUSINESS A business is an organisation of human, material and other intangible resources. It is created to offer satisfaction to its customers, owners, employees, managers and other stakeholders. The function of business is to create, retain and satisfy profitable customers as a means of successfully achieving the desired ends of an enterprise. Although…
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MEANING OF BUSINESS Business means the state of being busy. In essence, business concerns with buying and selling goods, manufacturing goods or providing services in order to earn profit. FEATURES OF BUSINESS 1. Entrepreneur: There must be someone to take initiative for establishing a business. The person who recognized the need for a product or…
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CAPACITY TO CONTRACT NOTES QUESTION: Who is competent to enter into a contract? Discuss the position of minor in this regard? ANSWER: According to Section 10 of the Indian Contract Act 1872, an agreement becomes contract if it is entered into between the parties who are competent to the contract. Section 11 of the Indian…
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LIMITED LIABILITY PARTNERSHIP ACT 2008 NOTES QUESTION: Explain the salient features of LLP? ANSWER: Limited Liability Partnership enterprise has been introduced in India by enacting the Limited Liability Partnership Act, 2008. LIMITED LIABILITY PARTNERSHIP Act was notified on 31.03.2009. A Limited Liability Partnership, popularly known as LLP combines the advantages of both the Company and…
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BUDGETARY CONTROL NOTES QUESTION: Define Budgetary Control and discuss the objectives of introducing Budgetary Control in an organisation? ANSWER: Budgetary control is the process by which budgets are prepared for the future period and are compared with the actual performance for finding out variances, if any. The comparison of budgeted figures with actual figures will help…
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CONSIDERATION CONTRACT LAW NOTES QUESTION: ‘Consideration is a necessary element of binding contract.’ Discuss. ANSWER: It is true that ‘Consideration is a necessary element of a binding contract as an agreement to be enforceable must be supported by consideration. Under an agreement, whatever a party gains from the other is called consideration. A valid Consideration…
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OFFER AND ACCEPTANCE CONTRACT LAW NOTES
NATURE OF CONTRACT NOTES – INDIAN CONTRACT ACT, 1872 QUESTION: “All contracts are agreements but all agreements are not contracts.”. Discuss? ANSWER: Yes, it is true that “All contracts are agreements but all agreements are not contracts.” It is so because in order to become an agreement a contract, enforceability at law is required. Only…
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