CA @ Mahatma Jyotiba Phule Rohilkhand University
I have completed my Bachelors in Accounting (2014) & Masters in Finance (2016). My interests outside of school include playing outdoor sports like badminton, cricket, tennis etc. and reading. I believe that my attitude towards self-learning and always improving myself is what separates me from the rest and this is a golden opportunity for me to showcase that.
ABC Costing, Absorption Costing, Accounting Cycle, Accounting Equation, Accounting for Government, Accounting for Pensions, Accounting Information System, Accounting Standard Codifications, Accounting: Concepts and Principles, Accrual & Cash Basis
This is Yashu Goel, a qualified Chartered Accountant (CA) from India, who is very passionate about teaching and tutoring students and has been carrying it for the past 3 years both on online and offline platforms. My areas of specialization include financial, cost & management accounting. I focus on simplifying the complex accounting concepts in a precise and concise manner, so that they become easy for the students to understand. My goal is to reach out to as many students as possible and share my valuable & precious knowledge with them by resolving their doubts and queries, which would enhance their academic career.
A trial balance is a sheet that contains a list of all ledger accounts having either a debit or credit balance, as on a particular date. It is prepared by an entity to ensure the arithmetical accuracy of its books of accounts. If the total of the debit side is equal to the credit side, the trial balance is said to be balanced. However, it does not mean that there are no errors in it because some of those errors cannot be detected even if the trial balance is matched like errors of principle, compensatory errors etc.
Income statement is a financial statement which is prepared by an entity to ascertain the net income earned or loss suffered for a particular period. In other words, it is used for measuring the financial performance of an entity during a specific period. It provides valuable information to an entity about its business operations, management efficiency by emphasizing on the revenues and expenses during a specific period.
A balance sheet is a statement of financial position for an entity which is used for reporting its assets, liabilities and shareholders' equity as on a particular point of time. It follows the fundamental accounting equation, where the total of assets is equal to the sum total of liabilities and shareholders' equity. The assets and liabilities of the entity are categorized into current (short-term) and non-current (long-term).
Under cash basis of accounting, revenues and expenses are recognized when cash is received or paid. This system is quite simple for small businesses because there is no need to keep a track of the accounts receivable or payable. On the other hand, under accrual basis, revenues and expenses are recognized as and when they are incurred, irrespective of the fact whether the cash is actually received or paid. Accrual basis of accounting provides a better and true picture of the revenues and expenses for an entity during a specific period, therefore it is widely used by business entities for the purpose of reporting.
A Cash Flow statement is a part of financial statements of an entity which contains a summary of cash inflows and outflows during a particular period. It is primarily divided into operating, investing and financing activities. Operating activities section contains the sources as well as uses of cash and cash equivalents generated by an entity from its business operations such as receipt of cash from sale of goods or services, payment to suppliers, employees. Investing activities comprise of cash inflows and outflows relating to the investment activities of an entity like purchase of property, plant & equipment. Financing activities include inflows and outflows of cash arising from the capital structure base of an entity like proceeds from the issue of equity shares, repayment of loan, payment of dividend etc.
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