Answer Posted / babulu180605

Accounting relates to booking of the historical
transactions of an organisation and it leads to preparation
of Financial Status of the company stating what assets and
what liabilities are held by the entity as on the day when
relevant period (say a year) ends, i.e Balance Sheet. The
profitability is also worked out for that period.

The transactions are entered on routine basis during any
year and thus there is a need to arrange for the Finance
for concluding those transactions. Financial status is
concluded from the Balance sheet, Profit & Loss A/c. Since
business has to rely upon outside financial resources,
these outside agencies depend upon the B/S and P&L of the
organization to draw their conclusions for deciding whether
it is viable to lend or not. The person engaged by the
organization for liaison with the lenders is supposed to
have complete knowledge about B/S and P&L and helps in
making it draw favorable conclusions regarding financial
status of the organization before outsiders. Thus, this way
he arranges finance and thus known as a person looking
after finance of the company. Cost saving is another
function which is looked after by this person. Small saving
in per unit cost of the Raw material may lead to saving of
millions.

Please define Transaction Type , Movement Type , Asset Transaction Type , Item Type & Document type. Please also give examples of each of them

2590

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What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hand to meet its obligations at all times

2533

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how many schedules are there in accounting?

2225

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what is waybill key number & how can it be issue?

2344

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how to mention last year profit of ay private limited company in current year balance sheet ?

1276

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what is assessment? how many types of assessment will be there? and what is the documents and preparations for sales tax, service tax assessments??

2011

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give me only one transactions in both side (debit&credit) should be in real accounts

2176

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Harpithas due Rs 55000 was settled infull by taking Haris due Rs 12500 in adjustment Pass necessary entry

2066

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What is the rate of basic excise duty and specific duty And I want to know that how can I see that vat rate in up ,excise duty and tds details Please tell me site plese

2031

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Expand---------OST

2221

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let me know the difference between net cash flow and income

2262

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i have one question.when using fbra for reset clearing,message exchange rate different was posted and i have do reversalon the same time using fb08 but unfortunately i' m not authorize to use this transaction.my collegue only have.so how should i do.please advise

2374

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drawings by making a DD from bank ( suppose payable towards UIT ) and on cancellation on such DD what journal entry needs to be passed ?

1460

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EXPAND_________SEB

2027

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let me know the minimum Accounting Heads in an accounting system

4655

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