Fixed costs are expenses whose total does not change in proportion to the activity of a business, within the relevant time period. For example, a retailer must ...

Profit and Loss Account and Balance Sheet are important financial statements of any business. They are related with the financial health of the firm or ...

New clause (16C) of section 2 inserted by the Amendment Act defines ‘Securities Appellate Tribunal’ as under: (16C). Securities Appellate Tribunal means the ...

When the demand for different complementary goods is created at one time, it is termed as the joint demand. For example, the demand for computer hardware and ...

Go swami Committee Recommendations. During the phase of liberalization initiated in 1991, it was felt essential to take some preventive steps to check ...

Default and Repossession in Hire Purchase:  Where the buyer makes default in the payment of any installment the vendor has a right to repossess the ...

Dependent Branch:  When the policies and administration of a branch are totally controlled by the head office, who also maintains its accounts, the ...

Ascertainment of Profit under Single Entry System. The Profit/ Loss in case of Single Entry System can be ascertained by the following two ...

Meaning of Depreciation: Depreciation is permanent, continuing and gradual reduction on the book value of fixed assets due to normal wear and tear, passage ...

Debtor System of accounting is suitable for the small-size branches. Under this, a Branch Account is opened for each branch in the head office ledger. All ...

The four circumstances under which a firm is dissolved are follows: By Agreement: A firm may be dissolved with the consent of all the partners or in ...

Revaluation Account: Meaning: Revaluation Account records the effect of re-valuation of assets and liabilities.Purpose:It is prepared to find out ...