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An introduction to the financial statements The purpose of the three main financial statements is to report the  business’s financial performance and position to external users of  accounting information. It is important that they only reflect the  transactions of the business, and not the transactions of its owner(s). Although the business is accounted for separately to the owner’s personal  belongings and transactions, sole traders and partnerships are not  regarded as being legally separate from their owners. Companies are  different because the business is treated as being legally separate from its  owner(s) (who in this case are called shareholders). This means that there  are more rules about the preparation of financial statements for companies,  and there are also some items (such as ‘share capital’) that only appear in  company financial statements. The three main financial statements are the balance sheet (BS), profit  a...

Both professions are about counting money, but there is a big difference between managerial accounting and financial accounting. Accounting inside a company or the organization is called managerial accounting, while accounting outside of a company or an organization is called financial accounting. This is the main difference between the two, In managerial accounting, reports can be made daily, weekly, or monthly. The reports are very important because they can be used to predict the future outlook of the company, especially the company’s financial statement. In contrast, financial accounting reports are done during a fiscal year or during a period. The financial reports have value when evaluating the past, present, and future and can help you make wise decisions when it comes to investing. Managerial accountants do not disclose financial statements very easily. The reports are confidential, containing information that is only for the organization. That is becau...

Existing System: No politician or senior officer ever goes to jail despite huge evidence. they have to take permission from the same bosses, against whom the case has to be investigated. System Proposed by civil society: Lokpal at centre and Lokayukta at state level will be independent bodies. ACB and CBI will be merged into these bodies. They will have power to initiate investigations and prosecution against any officer or politician without needing anyone’s permission. Investigation should be completed within 1 year and trial to get over in next 1 year.  Within two years, the corrupt should go to jail. Existing System: No corrupt officer is dismissed from the job  because Central Vigilance Commission, which is supposed to dismiss corrupt officers, is only an advisory body. Whenever it advises government to dismiss any senior corrupt officer, its advice is never implemented. System Proposed by civil society: Lokpal and Lokayukta will have  ...

Just moving to a sentimental context  "Relationship" Relationship is a board term that has different facets in the world of life. It is the flavour of the life that makes living so interesting. We all build up different relationships with each people right from our birth to death. Relationship with friends, parents, children, siblings, husband/wife, lover, in-laws, colleges, and employees are some of the common bonds that we all share in life. However, what is difficult to strike the right chord and build up a perfect rapport in all the relationships. Otherwise, we would find ourselves as the lone sole surviving in this planet without any social connections. It is sad but true that we often get to hear about failed relationships or sweet relationships or sweet relationships turned bitter. In the fast-paced life to success people often tend to forget about the essence of a loving relationship and end up hurting each other. Whom should we blame??????   :The people ...

Negative marketing isn't the most ethical way to go about marketing your product or company. Would you like someone to gossip about you negatively, slandering your good name and ruining your reputation? Of course, you wouldn't like it. Likewise, negative marketing is a tactic used by some marketers to put you off buying a competitive product from another company in favour of you being attracted to their product. It doesn't seem fair just like you wouldn't want people spreading rumours about you that aren't true, not so? Well, sadly this ploy works for many marketing companies because it gains the attraction they seek and helps them albeit unfairly to dominate some consumers into purchasing their products and services. So what does this mean for you as a person or a company you represent? Surely you don't want people spreading false stories about you or your company. As a person your friends and family know who you are and stand by you, but what about co...

INDIA India is one of the oldest civilizations in the world with a kaleidoscopic variety and rich cultural heritage. It has achieved all-round socio-economic progress during the last 62 years of its Independence. India has become self-sufficient in agricultural production and is now one of the top industrialized countries in the world and one of the few nations to have gone into outer space to conquer nature for the benefit of the people. It covers an area of 32,87,263 sq. km, extending from the snow-covered Himalayan heights to the tropical rain forests of the south. As the 7th largest country in the world, India stands apart from the rest of Asia, marked off as it is by mountains and the sea, which give the country a distinct geographical entity. Bounded by the Great Himalayas in the north, it stretches southwards and at the Tropic of Cancer, tapers off into the Indian Ocean between the Bay of Bengal on the east and the Arabian Sea on the west. The Indian economy   is the...

For all who witnessed it there was the inescapable sense that here was a matchless act of high theatre, resonant with history, tradition and the inescapable feeling of the institution of the monarchy being reshaped before our eyes. Catherine Middleton was the first untitled woman to marry a prince in close proximity to the throne in more than 350 years, since Anne Hyde wed the Duke of York, later James II, in 1660. In an illustration of unparalleled social mobility, having walked up the aisle as Kate, a history of arts graduate from Berkshire, whose ancestors include, on her mother’s side Durham miners and on her father’s, five generations of stolid middle-class solicitors, the new bride walked down it the Duchess of Cambridge, and the future Queen Catherine, the sixth to bear that title. We were told that this would be a relatively modest wedding.   Relatively, an occasion geared to the imperative to strike a balance between a consideration for the austerity of the times, ...