Financial Accounting - efinacademy.com

Financial Accounting, Quick Learning

Book-keeping, Accounting and Accountancy

For any promoter, entrepreneur, owner, partner, investor or shareholder (generally known as stakeholders), it is quite natural to know the results of the business and operational activities. Accounting depends majorly on bookkeeping while accountancy depends on both bookkeeping and accounting.

efinacademy@gmail.com
November 13, 2023

Financial Accounting

Accounting for GST when GST is paid under Reverse Charge Mechanism (RCM)

Goods Transport Agencies (GTA) are commonly opting for Reverse Charge Mechanism, i.e. When a Goods Transport Agency (GTA) does not discharge the GST liability, the responsibility shifts to the recipient of services. The recipient is obligated to pay GST at…

efinacademy@gmail.com
October 10, 2023

Financial Accounting

Impairment of Inventory: A Charge on profit yet a power-booster.

For Analysts, Inventory Value is most susceptible item in the Books of Accounts. To analysts, Inventory Management is not effective unless it respects true and fair view concept of accounting.