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Page 1 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com Page 2 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com To understand the need for company To understand the meaning of the company To know about the features of a company Page 3 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com To understand the need for company To understand the meaning of the company To know about the features of a company To know about the books of accounts to be maintained by the company To give glimpse of revised Schedule VI Balance Sheet and Profit and Loss Account Summary of the unit Practical Questions solution practice Page 4 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com To understand the need for company To understand the meaning of the company To know about the features of a company To know about the books of accounts to be maintained by the company To give glimpse of revised Schedule VI Balance Sheet and Profit and Loss Account Summary of the unit Practical Questions solution practice Why company? One of the best institutional form for business entity Page 5 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com To understand the need for company To understand the meaning of the company To know about the features of a company To know about the books of accounts to be maintained by the company To give glimpse of revised Schedule VI Balance Sheet and Profit and Loss Account Summary of the unit Practical Questions solution practice Why company? One of the best institutional form for business entity The term company is derived from latin words “com” i.e. together “panies” i.e. breadRead More
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FAQs on PPT - Introduction to Company Accounts - Principles and Practice of Accounting - CA Foundation
| 1. What is the purpose of company accounts? |  |
Ans. Company accounts serve the purpose of providing a financial overview of a company, including its assets, liabilities, income, and expenses. These accounts are important for shareholders, investors, creditors, and other stakeholders to assess the financial health and performance of the company.
| 2. What are the key financial statements included in company accounts? | |
Ans. The key financial statements included in company accounts are the balance sheet, income statement, cash flow statement, and statement of changes in equity. The balance sheet provides a snapshot of a company's financial position at a specific point in time, while the income statement shows the company's revenue, expenses, and profit or loss over a period of time. The cash flow statement tracks the inflow and outflow of cash, and the statement of changes in equity reflects the changes in shareholders' equity during a period.
| 3. How are company accounts prepared? | |
Ans. Company accounts are prepared by following generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS). The process involves recording financial transactions, classifying them into appropriate categories, summarizing them in financial statements, and ensuring the accuracy and completeness of the accounts. This is typically done by trained accountants using accounting software or manual bookkeeping systems.
| 4. What are the benefits of understanding company accounts? | |
Ans. Understanding company accounts provides several benefits. It enables individuals to make informed investment decisions by assessing the financial performance and stability of a company. It also helps in evaluating the creditworthiness of a company before extending credit or entering into business partnerships. Additionally, understanding company accounts is essential for financial planning, budgeting, and forecasting purposes.
| 5. Are there any legal requirements for maintaining company accounts? | |
Ans. Yes, there are legal requirements for maintaining company accounts in most jurisdictions. Companies are typically required to prepare and file financial statements with the relevant government authorities, such as the Securities and Exchange Commission (SEC) in the United States or Companies House in the United Kingdom. These statements must comply with accounting standards and regulations specific to the jurisdiction. Failure to meet these legal requirements can result in penalties or legal consequences for the company and its directors.
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