What is the difference between indian system of accounting and american system of accounting?
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The Indians use beads, the Americans use calculators! \nThey all reach the same result but the Americans charge 100% more for the same job!
455861
Both are federal states and both are republics, but in India, the president is a mere figurehead without any political power (like European monarchs). The executive branch of government in India is a cabinet led by the Prime Minister, but to govern the cabinet needs support from Parliament. While the US is a "presidential" style, the Indian system is thus a "parliamentarian" style of government. \n\nIndia has a multi-party system, while in the US, two parties are dominant (making it a 'two-party system'). The current Indian government is led by the Congress party but is dependent upon support from a range of smaller left-wing parties in parliament. The parliamentary system is fairly similar to that of the UK, the Westminster system, with two houses. In India, the lower house is elected by popular vote and this is from where the cabinet must have support. The upper house could be compared to the US Senate, with representatives from each state, but the election process is different. \n\nThe judiciary in India is independent and the Indian Supreme Court is on the one hand an arbitrer between the states, and the states versus the central government (as a constitutional court like the US Supreme Court), and also the last appellate court.
732795
main hoo na ------> Indian
460903
finnancial statement is something more than an income statement. income statement is a subcategory of finnacial statement.\nfinancial statetement- balance sheet, cash flow, and other disclosures\nincome statement- just revenues and expenditures and net income
634953
As it was in the early days in America, when manufacturing was growing there are many companies in which to invest. Find the companies that are in growing businesses. There are many companies that are working for Americans without taking jobs from America. American tax preparation is a large industry in India, it indirectly affects American jobs, find a company that you can invest in. Telecommunications is super huge and growing in India.\nI hope this helps.
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Javier Cocina, published through the Mexican Institute of Public Accountants a book titled: "Diferencias Importantes en PCGA en Canadá, Chile, Estados Unidos y México" (Significant differences between generally accepted accounting principles in Canada, Chile, the United States and Mexico). I believe the book was last updated in 2000.
812405
Model balance sheet and profit and loss appropriation account can be found in Schedules to the Companies Act 1956. This is an Indian Law. In USA you may refer to website of CPA institute for any such format. Otherwise best way is to go to any company's website and look under information for investors. Financial results for companies are usually displayed on their websites. You can get formats there.
691041
Conceptually the French system puts more emphasis on knowledge of facts, tools and methods, which is great for natural sciences and medicine. The U.S. system emphasizes learning how to express your own opinion and how to implement an idea. I find American students more outspoken and independent, while French have more solid factual basis.\n\nBest education? Combination of both - getting a Bac (a high school equivalent) and maybe Bac +3 (undergraduate) in France and then getting a graduate degree in the U.S.
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The difference is in the tax system.  While most countries' taxes are calculated as a sort of VAT or other tax INCLUDED in the price, the American tax system is designed as an add-on.  In other words, the tax is only determined after the purchases, and it is not a tax on the item so much as it is a tax on the sale.\n\nThe implication is that it actually costs a few cents less than if the tax were calculated into each item, but on the other hand, it does lead to confusion for those who are not accustomed to the system. \n\nHowever, it is also important, because in the U.S., the sales taxes are not national.  Some states, such as Delaware and New Hampshire, have no sales tax at all.  Thus, it would be pointless to have the tax already included in any sort of national price, because it would cause everyone to have to reprice items in each locale.  \n\nBy the way, not ALL taxes in America are calculated that way.  The gasoline (petrol) tax is included in the price because it is not a sales tax, but instead is a tax on the item.
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In india financial institutions are referred to as those development financing institutions, such as IDBI, IFCI andn ICICI and state level instittuions. The important difference between financial institutions and banks are that banks only can issue cheque books to draw money form the account.
118543
An American Depositary Receipt (ADR) is how the stock of most foreign companies trades in United States stock markets.\n\nEach ADR is issued by U.S. depositary banks and represents one or more shares of a foreign stock or a fraction of a share. If investors own an ADR they have the right to obtain the foreign stock it represents, but U.S. investors usually find it more convenient to own the ADR. The price of an ADR is often close to the price of the foreign stock in its home market, adjusted for the ratio of ADRs to foreign company shares.\n\nIndividual shares of a foreign corporation represented by an ADR are called American Depositary Shares (ADS).
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Just from your phrasing, I'm assuming you mean the Statements on Standards for Tax Services issued by the AICPA (American Institute of Certified Public Accountants) or by a State CPA society.  In which case, those only apply to CPAs.\n\nHowever, lawyers also have their own similar standards, as do EAs and actuaries.  And everyone who prepares tax returns falls under the guidelines of IRS Circular 230.  I have heard that the certification body for Certified Financial Planners will adopt the AICPA standards, although they would be tailored a bit as they are unenrolled preparers.  I anticipate the published interpretations would also be tailored.
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Accounting is for you/your biz/your investors/board of directors, to help you keep up with your gains and losses.\n\nIt is also required for biz's for the IRS and government stuff and to apply for grants and other special needs.\n\naccounting BALANCES the books, thus it's like a math equation that lets you know if you did everything currectly by the end or not, if not you have to go back and re-balance them again (find your error(s)).
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Out of context, they just mean left (debit) or right (credit) on the ledger.\n\nAccounting uses 5 types of accounts. 3 are balance sheet accounts (asset, liability and owners equity accounts) and 2 are income statement accounts (revenue and expense accounts). \n\nThe balance sheet has asset accounts on the left and liability and owners equity accounts on the right.  The income statement has revenue accounts and expense accounts.  Think of income statement accounts as sub-accounts in the owners equity section of the balance sheet and the debits and credits will make more sense.\n\nAsset accounts normally have a debit balance, so debits increase an asset account and credits decrease an asset account.\n\nLiabilities and owners equity accounts normally have a credit balance, so credits increase a liability or equity account and debits decrease a liability or owners equity account.\n\nThe basic accounting formula that must hold true at all times is:\n\nAssets = Liabilities + Owners equity  \n\n(that's why it's called a balance sheet!)\n\nAll accounting transactions are recorded using double entry bookkeeping where the total of the debits must equal the total of the credits.  One side of a transaction may increase one asset while decreasing another. This would happen when cash (an asset) is paid for inventory (another asset). Inventory is debited and cash is credited.  If the company buys inventory on credit, then the transaction would be: Inventory is debited and Accounts Payable is credited. Accounts Payable is a liability account. When that bill gets paid: Accounts payable is debited and cash is credited.\n\nRevenue increases owners equity, so a revenue item is a credit. Expenses decrease owners equity, so an expense item is a debit. If expenses exceed revenues for a period, it is a loss and a net debit. (It reduces owners equity) If revenues exceed expenses for a period, it is a profit and a net credit. (It increases owners equity.)
591410
Well financial accounting is more to do with the reporting requirements which rely on many accounting conventions like accrual concept, matching concept..etc..\n\nWhereas cost accounting is used more often to arrive at a product cost or cost of an activity, or a service,\n\nFin Acc is more broad based in the sense that it used for arriving at the profit/loss of a given period which would consider the financial performance of the organization.\n\nBut not cost accounting..which is Keeping account of the costs of items in production
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India because it has both Americans and Indians investing in it.
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There are several accounting conventions used all over the world for the preparation of financial information so that these are consistent and comparable. Some of these concepts are \nHistorical cost convention\nAccrual concept\nPrudence concept\nMatching concept\n\nTransactions are entered in the books of accounts of an organization when they occur i.e when the parties involved are liable to settle the transaction. Most of the time cash is not paid at the time of transaction. It has to be paid later or is paid in advance. Hence the organization has to record accrual and prepayments.