tally training in chandigarh

1
TALLY TRAINING IN CHANDIGARH
2
Accounting policies are the specific accounting
principles and the methods of applying those
principles adopted by an enterprise in the
preparation and presentation of financial
statements. - All significant
accounting policies should be disclosed. -
Such disclosure form part of financial
statements. - All disclosures should be
made at one place. - Specific disclosure
for the adoption of fundamental accounting
assumptions is not required. -
Disclosure of accounting policies cannot remedy a
wrong or inappropriate treatment of the item in
the accounts.
3
Any change in accounting policies which has a
material effect in the current period or which is
reasonably expected to have material effect in
later periods should be disclosed. In the case
of a change in accounting policies, which has a
material effect in the current period, the amount
by which any item in the financial statements is
affected by such change should also be disclosed
to the extent ascertainable. Where such amount is
not ascertainable, the fact should be indicated.
4

• Fundamental Accounting Assumption (GCA)
• 1 Going Concern
• 2 Consistency
• 3 Accrual

http//cbitss.co.in/tally-training-in-chandigarh.h
tml
5

• Major considerations governing the selection of
  accounting policies
• 1 Prudence
• 2 Substance over form (Logic over Law)
• 3 Materiality

6
The following are examples of the areas in which
different accounting policies may be adopted by
different enterprises - Methods of
depreciation - Methods of translation of
foreign currency - Valuation of inventories -
Valuation of investments - Treatment of
retirement benefits - Treatment of
contingent liabilities etc.
7
(91) 9988741983 counselor.cbitss_at_gmail.
com
SCO 23-24-25, Sector 34A Chandigarh, IN 160022
8
THANK YOU