PRINCIPLES
OF ACCOUNTING
1.
For
personal Accounts
Debit
the receiver
Credit the giver.
2.
For
real accounts
Debit
what comes in
Credit what goes out.
3.
For
nominal accounts
Debit
all expenses and losses
Credit all incomes and gains
4.
For
cash accounts
Debit
all receipts
Credit all payments
5.
For
assets and liabilities
Debit
all assets
Credit all liabilities and capital.
Anil
10+1
(Commerce)
FULL
FORM OF SOME ABBREVIATIONS.
1.
GAAP Generally
Accepted Accounting Principles.
2.
IASC: International
Accounting Standards Committee.
3.
ICAI: Institute
of Chartered Accountant of India.
4.
ASBI: Accounting
Standards Board of India.
5.
ASB: Accounting
Standards Board.
Deeksha
Sharma
10+1
(Commerce)
ROLE OF ACCOUNTANT IN MODERN DAY BUSINESS
TRANSACTION
The main aim of a business is to earn
profit. But sometimes a business has to suffer losses. To find out, if a
business is in profit or loss; one has to record all business transactions,
classify them and summarize properly. Experts have devised a method to do it,
known as accounting. The whole process of accounting is performed by
accountants. Thus they have a very important role of play.
The
modern day accountant plays a key role in following fields:
1.
To maintain the proper books of accounts
which portray the true and fair view of the results of the business and its financial
position.
2.
To provide information and reports to the
management to enable to discharge their duties effectively.
3.
To give financial advice regarding
investment, insurance, expansion etc.
4.
To act as tax consultant and to handle
the tax matters of the business.
All the above mentioned functions of an
accountant makes the point clear that he works as a backbone in the smooth
functioning of the business and in modern day his work and responsibilities are
increasing day by day.
Neha
10+1 (Commerce)
CO-OPERATION
Co-operation means
working together. This principle is as old as human society. It is truly the
basis of domestic and social life. What is known as co-operative efforts is
ultimately the group instinct in man which enables him to live together, work
together and help each other in times of stress and strain. The history of
modern civilization is in fact, the history of progress would have been
impossible.
Modern
biologists believes that the co-operative forces are biologically more
important and vital. Emerson said, “Co-operation has a more evolutionary forces
in the development of man than has the bitter competitive struggle for
existence. In the primitive societies the germs of co-operation could be
observed in religious institutions and traditional customs. In India, for
instance, the principles of co-operation have been practised from times
immemorial. The villagers have throughout the ages worked together on an
informal corporate basis with regard to their religious, social and culture
life. The corporate element in the community, life in India was represented by
the “Joint Family System”. Co-operation is a new philosophy. Co-operation took
birth in different countries, among people with different economic interests
and for performing different economic functions, everywhere. However, it
originated as a defensive bulk work against exploitation of the weak by those
in a stronger economic position.
Priya Sharma
10+1 (commerce).
Journal Entry of My Heart
I
have written a Journal Entry.
Debiting your love and your affection,
Crediting my emotions.
Darling ! you write the Narration,
Your
first love. I had already adjusted
On the ledger folio column,
Any
way our relations are true assets.
On double entry system in addition,
Our
love is true, real and tangible
You debit what comes in
I
credit what goes out.
Your beauty is the Capital of business,
My
eyes are Stock in Trade.
Let us enter into transaction,
You
secretly give me a Trade Discount.
I openly give you a Cash Discount
And
thus my partner, our Trading and
Profit-loss account while show Super
Profit
[My dear let us reconcile]
All
our error and total the
Trial Balance of our affairs
Arithmetically
without maintaining
Any suspense account.
If
our views are same
Our Balance Sheet will tally
automatically.
Jayant Thakur
10+2 (commerce)
JOKES
IN BUSINESS STUDIES
1.
Management student proposed a girl.
Girl
said, “What is this”?
Boy
said, “It’s called Direct Marketing”,
Girl
slapped.
Boy
said, “What is this”?
Girl
replied, “Customer Feedback”.
2.
My 3 years old son asked,
“Why
do mom and you have to go to work?”
I
thought it was a good opportunity to teach him commerce of life.
I
said, “When your mom and I go to work, we get money.
When
we get money, we buy fruits and vegetables etc.
He
at once said, “When will we get to eat it all? ”
Neha
10+2
(commerce)
FUN
TIME IN ACCOUNTANCY
A commerce student was
keeping a record of his daily life transactions. One day he fell in love. He
proposed the girl. He passed the following Journal entry:-
Girl’s A/c ……………………….. Dr.
To Emotions filled with love.
[Being proposed the
girl I loved.]
But the girl denied and
slapped him. The boy passed the following Journal entry:-
Tamacha A/c ……………………. Dr.
To Izzat A/c
[Being slapped by the
girl I loved.]
Dimple
Sharma
10+2
(commerce)
LIFE OF ACCOUNTANCY
What
comes, I Debit,
What
goes, I Credit,
My birth is my Opening Stock,
My ideas are my Assets
My views are my Liabilities
Happiness
is my Profit,
Sorrow
is my Loss,
Soul is my Goodwill,
Heart is my Fixed Assets,
Duties
are my O/S expenses,
Friendship
is my Hidden Adjustment.
Character is my Capital,
Sad things, always Depreciate,
Good things, always appreciate,
Knowledge
is my Investment,
Patience
is my Interest,
My mind is my Bank Balance,
Thinking is my Current A/c,
Behaviour
is my Journal Entry,
Aim
is to tally the Balance Sheet,
Death is my Closing Stock.
Priya
Sharma
10+1
(Commerce)
CONSUMER’S RIGHTS (UNDER CONSUMER ACT,
1986)
1.
Right
to safety:- It is the right to safety against such
goods and services as are hazardous to health, life and property of the
consumer. For example- spurious and sub-standard drugs, appliances made of low
quality raw material, such as, electric press, pressure cooker etc.
2.
Right
to be informed:- Consumer has also the right that he
should be provided all the information on the basis of which he decides to buy
goods or services, such information relates to quality, purity, potency,
standard, date of manufacture, method of use etc.
3.
Right
to choose:-
Consumer has the full right to buy any good or service of his choice from among
the different goods or services available in the market. In other words no
seller can influence his choice in an unfair manner.
4.
Right
to be heard:- Consumer has the right that his
complaint be heard under this right, the consumer can file a complaint against
all those things which are prejudicial to his interest. First, their rights
mentioned above (right to safety, right to be informed and right to choose)
have relevance only if the consumer has the right to file his complaint against
them.
5.
Right
to seek redressal:- This right provides compensation to
consumers against unfair trade practice of the seller. For instance, if the
quantity and quality of the product do not confirm to those promised by the
seller, the buyer has the right to claim compensation.
6.
Right
to consumer education:- Consumer education refers to educate
the consumer constantly with regard to their rights. In other words, consumers
must be aware of the rights they enjoy against the loss they suffer on account
of goods and services purchased by them. Government has taken several measures
to educate the consumers.
Geetanjali
10+2
(commerce)