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IFRS IFRS stands for International Financial reporting Standards. These are the standards issued by the International Accounting Standard Board. It also covers the wide range of International Accounting Standards issued by the International Accounting Standard Committee. IFRS has replaced the GAAP (Generally Accepted Accounting Principles). These standards are to be used by the business organisations…
Difference between double and single entry system Before understanding the difference between Double & Single entry System, both concepts should be understood: SINGLE ENTRY SYSTEM Single Entry System in accounting is a system in which the proprietors or the firms do not follow specific rules of double entry system to maintain accounts. It is an Incomplete Record…
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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…
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…
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…
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…
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…
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…
