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DOUBLE ENTRY SYSTEM OF ACCOUNTING Double Entry System of Accounting is a system under which each transaction is regarded to have two-fold aspects and both the aspects are recorded to obtain the complete record of dealings. It is based on the rule that debit should be equal to the credit. Luca Friar Pacioli is known…
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Before understanding the Difference between Public and Private Company, we should understand the both concepts. PUBLIC COMPANY Public Company is the company which can be incorporated with zero paid up capital as per the Companies Act (Amendment), 2015.This is the company which can start its business with minimum 7 members. Public company has to get…
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MEANING Private Company is the company which can be incorporated with zero paid up capital as per the Companies Act (Amendment), 2015. This is the company which can start its business with minimum 2 members. It has to get registered with the Registrar of companies and required to obtain the Certificate of Incorporation to start…
PUBLIC COMPANY Public Company is the company which can be incorporated with zero paid up capital as per the Companies Act (Amendment), 2015.This is the company which can start its business with minimum 7 members. It has to get registered with the Registrar of companies and required to obtain the Certificate of Incorporation and Certificate…
ONE PERSON COMPANY One Person Company is a corporation which has only one person as a member. This is the form of corporation organisation which has been introduced in India under the Companies Act, 2013. The main aim of introducing the concept of OPC is to allow the sole proprietorship form of business to flourish…
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PRICE ELASTICITY OF DEMAND Price Elasticity of demand is the rate at which quantity purchased changes with the change in price. It is the ratio of percentage change in quantity demanded to percentage change in the price of the commodity, other factors remaining the same. There are three methods for measurement of Price Elasticity of…
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ACCOUNTING STANDARDS Accounting standards may be defined as written statements, issued from time to time by institutions of accounting professionals, specifying uniform rules or practices for drawing the financial statements. ACCORDING TO KOHLER “Accounting standards are code of conduct imposed on accountants by custom, law or professional body.” Accounting standards mainly deal with four major…
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MEANING Price Elasticity of demand is the rate at which quantity purchased changes with the change in price. It is the ratio of percentage change in quantity demanded to percentage change in the price of the commodity, other factors remaining the same. Ed= (-) Percentage change in quantity demanded/ Percentage change in price ACCORDING TO…
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TYPES OF COMPANIES Company is an artificial person created by the law for some common purpose where the capital is divisible into parts known as shares with perpetual succession and common seal. The various types of companies are as follows: ON THE BASIS OF FORMATION On the basis of formation, the companies are of following…
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Difference between Accounting Concepts and conventions Before understanding the Difference between Accounting Concepts and Conventions, the both concepts should be known. ACCOUNTING CONCEPTS The 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…
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