Balance Sheet (overview)

A balance sheet is a statement of the total assets and liabilities of an organisation at a particular date- usually the last date of an accounting period.

The balance sheet is split into two parts:

(1) A statement of fixed assets, current assets and the liabilities (sometimes referred to as "Net Assets")

(2) A statement showing how the Net Assets have been financed, for example through share capital and retained profits.

The Companies Act requires the balance sheet to be included in the published financial accounts of all limited companies. In reality, all other organisations that need to prepare accounting information for external users (e.g. charities, clubs, partnerships) will also product a

What is ‘finance theory’?

This part of the curriculum looks at the whole area of management Human Resources within an organisation - from understanding what an organisation needs in terms of human resources (numbers, skills etc) to acquiring and retaining those resources. This includes:

• Organisational structure - identifying which structure is most relevant to delivering an organisation's objectives (hierarchy, flat, matrix) and the benefits/constraints of each.

• Workforce planning - the process of evaluating the current and future human resource needs both in terms of numbers of people and skills and competencies to ensure current product/service supply and future succession planning

Accounting concepts

Accounts are records of financial transactions. Information that is used in accounts is initially entered into books of prime entry, which may simply be paper or computer records. This helps with financial planning. From there the information will be entered into a double entry system in a book (or computer programme) called the ledger. Each account is kept on a separate page in the ledger, and every account has two sides - a debit and a credit side. Information will then be extracted so that it can be presented in a financial report.

The accounting equation. An essential component of accounting is what is referred to as the accounting equation, which in a nutshell means that the assets of the organisation (what it owns
or is owed by others) is equal to the liabilities of the organisation (what it owes). 

Requirements to become a Chartered Accountant

Requirements to become a Chartered Accountant:
1. Through CPT route:
(i) Enrol with the Institute for Common Proficiency Course (CPC) after passing class 10th
examination conducted by an examining body constituted by law in
India or an
examination recognized by the Central Government as equivalent thereto.
(ii) Appear in CPT examination after appearing in the Senior Secondary Examination (10+2
examination) conducted by an examining body constituted by law in India or an
examination recognised by the Central Government as equivalent thereto and after
completion of specified period (60 days) from the date of registration for CPC with the

International Financial Reporting Standards

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. The rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the users internal or external.
IFRS began as an attempt to harmonise accounting across the European Union but the value of harmonisation quickly made the concept attractive around the world. They are sometimes still called by the

List of Indian Accounting Standards

List of Indian Accounting Standards

The following are the mandatory Accounting Standards (AS) as on July 1, 2012 as listed on the site of The Institute of Chartered Accountants of India (ICAI) -
'*AS 1 Disclosure of Accounting policies"
*AS 2 Valuation of Inventories
*AS 3 Cash Flow Statement
*AS 4 Contingencies and Events Occurring after the Balance Sheet Date
*AS 5 Net Profit or Loss for the period,Prior Period Items and Changes in Accounting Policies
* AS 6 Depreciation Accounting
*AS 7 Construction Contracts (revised 2002)'''

Indian Accounting Standards

Indian Accounting Standards, (abbreviated as india AS) are a set of accounting standards notified by the Ministry of Corporate Affairswhich are converged with International Financial Reporting Standards (IFRS). These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India. Now India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged Indian Accounting Standards(Ind AS). The Ind AS are named and numbered in the same way as the corresponding IFRS. NACAS recommend these standards to the Ministry of Corporate Affairs. The Ministry of Corporate Affairs has to spell out the accounting standards applicable for companies in India. As on date the Ministry of Corporate