The purpose of these standards is to implement the same policies and practices in any country. There is a total of 33 accounting standards published by ICAI.
The abbreviation of VAT is Value Added Tax.ġ9) How many accounting standards are published by ICAI?
Premises refers to fixed assets that are shown in the balance sheet. In this inventory system, the accounts are changed periodically. In the perpetual inventory system, the accounts are adjusted on a continual basis. Some countries have sales, service tax with works more or less the same as GST.ġ6) What is the meaning of a perpetual or periodic inventory system? The customer/clients pay the GST, and the seller deposits the GST with the government. It charges on the value of the service or product sold to a customer. It’s an indirect tax other than the income tax. TDS is shown on the assets section, right after the head current asset. It is introduced to collect text from the company from where the employee income is generated.ġ0) Where to show TDS in the balance sheet? It is a statement that states all the liabilities and assets of the company at a certain point. There are two types of transactions in accounting, i.e., revenue and capital. The debit abbreviation is “dr” and credit abbreviation is “cr”.ħ) How many types of business transactions are there in accounting? It also helps with financial analysis.Ħ) What is the abbreviation for the accounting terms debit and credit? Microsoft Accounting Professional is an accounting application that offers reliable and fast processing of accounting transactions. ABAP Memory is a memory area within each main session and can be accessed by programs using the import-export statement.ĥ) What is Microsoft Accounting Professional?.SAP Memory is a global user-related memory that extends beyond the limit of transaction.4) Mention the difference between SAP Memory and ABAP Memory
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