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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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Difference between capital and revenue receipt Before understanding the Difference between Capital and Revenue Receipt, the concept of capital receipt and revenue receipt must be known: CAPITAL RECEIPT Capital receipt is the amount received by the enterprise which is not revenue in nature and leads to an overall increase in the total capital of the…
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REVENUE RECEIPT Revenue receipt is the amount received by the business as a result of its core business activity. It leads to increase in the overall revenue of the business. These receipts refers to the sale proceeds of merchandise or fees received for services rendered, discount received, commission received, interest received, discount received on shares….
MEANING Capital receipt is the amount received by the enterprise which is not revenue in nature and leads to an overall increase in the total capital or equity of the company. These generate out of the non-operating activities. It means these receipts do not arise out of the normal course of business. FEATURES OF CAPITAL…
CHANGE IN DEMAND Change in demand which is also known as variations in demand means the change in the quantity demanded of the commodity due to the various factors like price of own commodity, price of related goods, income of consumer, taxation policy of government, tastes and preferences of the consumers etc. Change in Demand…
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