Understanding Generally Accepted Accounting Principles of USA (GAAP)

Accounting standards in the USA are a set of accounting guidelines known as Generally Accepted Accounting Principles (GAAP). These standards govern how companies in the United States record and present their financial statements to regulatory authorities, investors, and all stakeholders. The Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) developed and…

New Accounting system / Value system accounting

The days of manual bookkeeping and ledgers are long gone as emerging technologies in accounting include AI-driven automation, blockchain for secure transactions, cloud-based accounting software, data analytics, and robotic process automation for streamlining repetitive tasks. These emerging technologies have revolutionized traditional accounting practices. Automation is allowing accountants to eliminate or streamline tedious manual tasks like…

Bank Clerical Staff DA Chart: Dearness Allowance Payable for  November ’24 to January ‘25

Labour Bureau announces CPI (IW) index numbers for July, August, and September 2024. July 2024=142.70 August 2024 =142.60 September 2024=143.30       Average index numbers for the above quarter is =142.86 Therefore DA payable to Officers, Clerical Staff, and Sub-staff of banks for the quarter November 2024 to January 2025 is 19.83% (the average index no. minus…

Bank Sub-Staff DA Chart : Dearness Allowance Payable for  November ’24 to January ‘25

Labour Bureau announces CPI (IW) index numbers for July, August, and September 2024. July 2024=142.70 August 2024 =142.60 September 2024=143.30       Average index numbers for the above quarter is =142.86 Therefore DA payable to Officers, Clerical Staff, and Sub-staff of banks for the quarter November 2024 to January 2025 is 19.83% (the average index no. minus…

Bank DA Chart: Dearness Allowence payable for the Quarter November 2024 to January 2025

Labour Bureau announces CPI (IW) index numbers for July, August, and September 2024. July 2024=142.70 August 2024 =142.60 September 2024=143.30       Average index numbers for the above quarter is =142.86 Therefore DA payable to Officers, Clerical Staff, and Sub-staff of banks for the quarter November 2024 to January 2025 is 19.83% (the average index no. minus…

Nature and Purpose of Accounting explained

Accounting is a language of business that communicates the process of classifying and summarizing money-related matters in a detailed manner in such a way that is easy to understand. The primary purpose of accounting is to provide accurate and reliable financial status to stakeholders, enabling them to make informed decisions. The purpose of accounting is…