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Going concern assumption and Consistency Concept

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(1) Going concern assumption : This is an important concept of accounting method. According to this concept when a business is started, it is assumed that the business is going to continue for a long time in the future. Hence it is called assumption of ongoing generation. Following are some examples based on the current generation concept: (i) Fixed assets are stated in the balance sheet at their cost after depreciation. In other words, productive or permanent assets at market value are not shown in the consolidated balance sheet. Longer in permanent assets business Purchased for use and not for resale. Therefore, instead of showing its market price as expected by the current generation, the market value is shown in the market value. (ii) Prepaid expenses are shown on the asset side of the balance sheet on the basis of going concern concept that the business is to continue for a long period of time and it is expected that the benefit of such prepaid expenses will be realized in the fut...
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Features about Deshi Nama System

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Two systems of naming are in vogue  : (1) Binomial nomenclature (2) Desi nomenclature. Desi nomenclature is India’s ancient system of writing accounts. This system is older than the binary nomenclature. In terms of principles of nomenclature both the methods have some similarities. However, the desi nomenclature differs from other accounting systems due to some of its distinctive features. In this method the books of account are known as Vahi, hence this method is also known as Vahi Khata process . Books according to this method are written in the regional language. Although this method is very ancient, it is a scientific and thorough method. Accounts in native nomenclature are much easier to write and understand. Features of desi nomenclature are as follows: (1) Books: Deshinama books are red in color with cloth covers. The design is made with thick thread stitching on the top of the box. These books are vertical, white and black paper and tied with a string in between. Nowadays t...
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Meaning and Characteristics of Non-Trading Concerns

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  (1) Meaning : An organization whose purpose is not to make profit; But for social service, upliftment of the members of the organization, promotion of interest of the members, promotion of sports and education, development of cultural activities is called non-commercial organization. Such organizations derive income from, and incur expenses from, their activities; But they do not aim to earn money. Such organizations include sports clubs, Rotary-Lions clubs, trade associations like chambers of commerce, political associations, labor unions, medical associations, public hospitals, paramedic institutions, libraries, educational institutions, associations for cultural activities, orphanages, religious institutions, etc. . (2) Characteristics : The characteristics of a non-commercial organization are as follows: (i) Service : The main purpose of these organizations is not profit; But it is of service. (ii) Trading Account : Since these institutions do not have the purpose of trading,...
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