Category: Accounting

According to section 227 (1) of the Companies Act, 1956, a company auditor has the following rights: 1. Right of Access to Books of Accounts: ADVERTISEMENTS: Every auditor of a Company has a right of access at all times to the books of accounts and vouchers of the company whether kept at the head office of the company or elsewhere. Thus, the auditor may consult all the books, vouchers and documents whenever he so likes. This is his statutory right. He may pay a surprise visit without informing the Directors in advance but in practice, the auditors inform the Directors before they pay their visits. Image Source: ifaedu.in 2. Right to obtain Information and Explanations: He has a right to obtain from the Directors and officers of the company any…

The Would Tourism Conference which was held at Manila, Philippines in October 1980, considered the nature of tourism phenomenon in all its aspects and the role tourism is bound to play in a dynamic and vastly changing world.Convened by the World Tourism Organisation the conference also considered the responsibility of various states for the development and enhancement as more than purely economic activity of nations and peoples.The significance of tourism in developing countries camp up for detailed discussion during the conference. The participants in the World Tourism Conference attached particular importance to its effects on the developing countries. The conference from the beginning pronounced itself on this subject. Image Source : yellowreddk.files.wordpress.com ADVERTISEMENTS: It stated its conviction “that the world tourism can contribute to the establishment of a new international…

Essay on the Economy of India !The Indian economy is diverse and embraces a huge area including agriculture, mining, textile industry, manufacturer and a vast area of other services. There is an enormous shift from what the economy used to be in the distant past. Indian economy is the third largest in the world, as measured by ‘Purchasing Power Parity’ (PPP). Till today, two thirds of the population depends on agriculture directly or indirectly. Indian economy is somewhat socialistic in its approach but presently India is running with other capitalist country. ADVERTISEMENTS: Pre – Colonial History Pre – colonial implies to the period before the advent of the British. Indus Valley Civilisation is considered to be the first of the permanent settlements in the urban areas. They usually practiced varieties…

Free sample essay on A Visit to a Book Fair. Book fair is a great event of attraction for the intelligent and book lovers. National book fair is organised by the National Book Trust every year. It is held in Pragati Maidan.The World Book Fair is organised every alternate year, publishers from all across the world participate in it. The year 2008 was declared “The Year of Books” by the National Book Trust.When we heard of this we were eager to visit the book fair. We discussed this with our teacher to visit this mega event. The teacher readily agreed and took us batch by batch to this event. We hired a big van and went along with our teacher to watch this grand event. ADVERTISEMENTS: We all started for…

The term ‘budget‘ was derived from an old English word Bougett which means a pouch or sack. In fact, it was a leather bag from which the British Chancellor of Exchequer (in charge of finance) took out his papers (which contained government financial programme for the coming year) to present to the Parliament.But now it came to mean the paper themselves and not the bag or briefcase which contained these papers. C. P. Bhambhari says, “The term in its present sense was used for the first time in 1773, in a satire entitled ‘Opening the Budget’ directed against financial plan of Walpole who was the then British Chancellor of Exchequer.Meanings and Definition of Budget—various thinkers defined budget in their own way. According H. R. Bruce “A budget is a financial…

Essay on Weber’s Theory of Religion or Sociology of Religion – Sociologists have been discussing the intimate relationship between society and religion, social change and economic factors, social change and religious factors from the very beginning. Marx and Weber have written extensively about the relationship between society and religion on the one hand and the role of religion in socio-economic changes on the other.Their views, however, differed significantly. “The theory of religion” or “sociology of religion”, established by Max Weber clearly indicates that there is a close relationship between the religious beliefs of the people and their economic activities. ADVERTISEMENTS: Weber’s Masterly Work: “The Protestant Ethic and the Spirit of Capitalism”His concept of religion is more ethical than theological. Religion is a vital influence in everyday life. Weber wanted to…

Essay on the Relationship Between Sociology and Criminology – Criminology refers to “the study of criminal behaviour” of man. The French anthropologist P. Topinard seems to be the first man to use the term criminology in his writings towards the end of the 19th century.Criminology refers to “the study of criminal behaviour” of man. The French anthropologist P. Topinard seems to be the first man to use the term criminology in his writings towards the end of the 19th century. However several studies in penology and the treatment of offenders had been made still earlier. Even studies on crime were also made earlier.“Scientific study of law breaking and serious attempts to uncover the causes of criminality has usually taken place within an area of study called “criminology”, which is concerned…

Accounting can be defined as the systematic recording, reporting of financial transactions of a business and a person who manages the accounts of any company or financial institution is called an accountant.The main purpose of accounting is to allow a company to analyze its statistical data’s and prepare its financial accounts.There are certain objectives of accounting. They are the following: I. To Maintain Systematic Records: ADVERTISEMENTS: Accounting keeps the systematic records of all the financial transactions of a company or any financial institution. Proper decision making and analysis of profits are impossible if records are not maintained systematically in a company. Even tracking previous transactions or remembering the minute detail of a transaction would be impossible without maintaining these records. II. Estimating Profit and Loss: It is impossible to estimate…

4 Limitations of Balance of Payments Accounts are as follows: 1. Coverage of Transactions: (i) Central Banks, Governments, and other Authorities: Transactions of the central banks, governments and international institutions pose conceptual and logical problems regarding their inclusion. ADVERTISEMENTS: According to one opinion, BOP account should make a clear distinction between the “autonomous” or “market induced” transactions and “accommodating” transactions undertaken by the central banks and governments etc. The authorities are expected to undertake only the accommodating transaction.In effect, however, their transactions cover both varieties and this poses a problem of estimating the overall BOP surplus/deficit. Image Source: c-r-solutions.comThus, for example, governments frequently enter into defence deals or deals motivated by political considerations, and the transactions of central banks (including those meant for ensuring an orderly working of the foreign…

FDI stand for Foreign Direct Investment. It is direct investment into production in a country by a company in another country, either by buying a company in the target country or by expanding operations of an existing business in that country.The International Monetary Fund defines FDI as when one individual or business owns 10% or more of a foreign company’s capital. Every financial transaction afterwards is considered by the IMF as an additional direct investment. If an investor owns less than 10%, it is considered as nothing more than an addition to his/her stock portfolio.FDI is beneficial for both the investor and receiver. Many investors of developed countries of Europe and America make investment in the developing country to target the market and to take different kinds of advantage such…