Question

Please describe in detail how did you apply the Accounting principles learned in your previous course, to your project, for example a cash flow, inventory systems, LIFO/FIFO, Balance Sheet, direct and indirect costs, breakeven analysis, budgeting, etc. Thanks. send me details related to any project , I just want answer

Answer 1

Accounting Principles related t these- 1)Cash Flow being prepared in accordance with AS-3 indian gaap and ind as 7 (IFRS) Cash flow Cash flow statement is one of 3 key financial statements that reports the cash generated and spent during the period. In accounting standard there are 2 methods for preparing this report. One is direct and another is indirect. 2)Inventory systems- Invertory system is a technology used to integrate all information regarding stock levels and stock movements for an orgations In industry, two methods are used for inventory management system- First is Periodic Inventory System-they don't track materials on continuous basis; instead during a certain specified period of time. Second is Perpetual Inventory System-they frequently track materials to provide upto date records. 3) LIFO/FIFO- These are methods to measure value of good sold. These are the assumptions only" First In First out Last In First Out 4) Balance Sheet- A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance f income and expenditure over the preceding period. 5) Direct Indirect Cost Direct Cost- that tends to be variable cost Indirect Cost*- that tends to be either fixed costs period costs 6) Break Even Analysis' which total cost and total revenue are equal Break Even Analysis in economics, financial modeling, and cost accounting refers to the point Break-even analysis is a financial tool which helps you to determine at what stage your company, ra new service or a product, will be profitable 7) Budgeting Budgeting is simply balancing your expenses with your income