May 2013 archive

Excise Duty An Overview

What is excise duty? An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known …

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Audit Trail

An audit trail (or audit log) is a security-relevant chronological record, set of records, or destination and source of records that provide documentary evidence of the sequence of activities that have affected at any time a specific operation, procedure, or event. Audit records typically result from activities such as financial transactions, scientific research and health care data transactions …

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Procedure For Vat Registration

VAT registration is required for any business that is into sales either by way of trading, manufacturing etc.  The units may to Proprietary, Partnership, Private Limited as the case. The documents that are required to submit for company a are as below:   Proprietary company: 1.   Application in VAT (Form 1). 2.   Additional for CST …

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International Financial Reporting Standards IFRS

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 …

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Accrual Concept of Accounting

Accrual (accumulation) of something is, in finance, the adding together of interest or different investments over a period of time. It holds specific meanings in accounting, where it can refer to accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These types of accounts include, among others, accounts payable, accounts receivable, goodwill, deferred tax liability and future interest expense. For example, a company …

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