Simple Secrets behind Difficult Accounting-concepts Volume 1
Other Name: Simple Secrets behind Difficult Accounting-concepts (From Scratch to Balance Sheet) Volume – I
Genre: business
Author: A. Hari Prakash
Page: 28
Related story:
Summary:
These secrets are a result of umpteen mistakes I have committed in the course of more than 43 years of accounts-writing including preparation of more than 700 real-life balance-sheets and over 150 real-life project-reports, all manually, an indication that the analytical capabilities have not been handed over to the computer. Add to this, over two decades of teaching accounts and related subjects and conducting programmes for many schools and colleges. No need to memorise entries. No need to use any tricks to remember concepts. These secrets, deep-rooted in logic and common sense, are explained in an easy-to-understand step-by-step method. Prior knowledge of accounts is not necessary.
CONCEPT AND CONVENTION
Every country has its own traffic rules. But, all have one common
ingredient, that is, the traffic has to move in an orderly way, stop at
junctions to make way for pedestrians and give way to cross-traffic,
etc. This is known as CONCEPT.
Maybe, in some countries, it is left-side-driving and in some others, it
may be right-side-driving. In some countries, 3 minutes are
earmarked for halting-traffic at junctions, in some other countries, it
may be more or less. This is called CONVENTION.
Concept and convention, together, make for TRAFFIC RULES.
Let us take another example. The education department of a local
government makes it a rule that schools shall introduce a common
dress-code (known as uniform) for all students so that the students
belonging to various economic-groups don’t discriminate against one
another. This is one of the CONCEPTS of education
