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Why accounting is important?

  1. Keeps track of business performance
  2. Keeps a check on budgeted and actual results
  3. Statutory requirements
  4. Section 128-129 of Companies Act, 2013
  5. Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year
  6. Such books shall be kept on accrual basis and according to the double entry system of accounting
  7. The books of account shall be kept for a period not less than eight accounting years
  8. Accounting standards to be complied
  9. Section 44AA of Income Tax Act, 1961

If the income from business or profession exceeds one lakh twenty thousand rupees,or
Total sales, turnover or gross receipts exceed ten lakh rupees
In any one of the three years immediately preceding the previous year or in the case of a new entity is likely to cross the above limits

Methods of accounting

Cash System

  1. Transaction is accounted when either cash is received or paid
  2. Does not consider non-cash transactions such as depreciation, provision for bad debts, etc.

Accrual System

  1. TManual (when the number of transactions are less)
  2. Tally, SAP, Oracle

Types of Reports

  1. Cash flow ( Daily/ weekly/ fortnightly/ monthly/ yearly)
  2. Budgets
  3. Accounts receivables
  4. Accounts payables
  5. Income statement ( trading and profit & loss account )
  6. Balance sheet
  7. Director's Report
  8. Auditors Report