MIB

MEANING OF RESERVE The entire amount of profit earned is not distributed to the owners. A portion is retain in the the business for known or unknown emergence, contingencies,liabilities etc.Thus ,a reserve means an amount of profit set aside until it is needed for some particular purpose. Generally Reserve Account is specially named to indicate its purpose It is an appropriation of profit and not a charge against profits. It is merely a part of net worth. Normally a reserve rise from retention of profit (i.e. amount set aside from profits),capital profit (i.e. profit on sale of the balance sheet. The companies Act,1956, gives a negative definition of  'reserve'. Account to the Act the term 'reserve' shall not include "any amount of written off or retained by way of providing for depreciation, renewals, or diminution in the value of assets or retained by the way of providing for any known liability".  Thus, a reserve is an allocation of ascertain pr

MEANING OF PROVISION                          Provision is a charge against profits. It purpose is not to meet certain known or contingent liabilities. It must be provided for whether there is profit or not. Provision is an estimated amount off liability and is debited to Profit Loss Account to ascertain the true Profit.                  According to the Company Act, 1956 the term provision has been defined as " any amount written off or retained by way of providing for any known liability for which the amount can't be determined with substantial accuracy ".                  Examples of provisions are Provision for Depreciation, Provision for Bad and Doubtful debt, Provision for Discount on Debtors, Provision for Taxation etc. CHARACTERISTIC OF PROVISION It is made to meet known liability. It is the liability which can not be determined with reasonable accuracy. It is charger against profits. It is an internal transaction. IMPORTANCE OF PROVISION

MEANING OF DEPRECIATION  The word "description" comes from the Latin word "depretium" meaning decrease in price. In accounting depreciation means gradual diminution in the economic value of a fix asset. Fixed are acquired by the business with the object of earning revenue. In the process of using such fixed assets, the useful life of the assets decreases. It may be mentioned here that all fixed assets excepting land have a limited useful life. However useful life of the land is considered to be unlimited. The loss in the value in the fixed assets over its useful life because of use, wear and tear or passage of time is termed as description It is one of the consideration while arriving at the profit or loss or the financial position of the business. In description accounting the cost of the fixed assets is recovered over its useful life. Thus description accounting is the systematic procedure for allocating the cost of the fixed asset over its useful life. Th

This is Main part of Interview that, Give Your Introduction or Describe Yourself..... Here are some points give below.. Start up with a smile on the lips and start introduce from your name. Then place of yours. Then tell about your educational details and skills. Then describe about your strength  and weakness. Then about your achievement. And share your interest and hobbies. Tell about your family  And also share about your previous job or activities. Also you can add about any other interesting success story in your life.  Finish your introduction with thanks. Here are some best example for concern thing.   EXAMPLE - 1 Hello sir, It is so nice to introduce myself. My name is -------, i am from ------------ district of Odisha state and i born and rise from the village of ---------- and i am currently completed my graduation this year, under-----------college under F.M.University and my schooling was ----- Primary school,-------- and then my high school was

MEANING Consignment  is a special type of trading in which a manufacturer or a wholesaler dispatches the goods to an agent to be sold on behalf of and at the risk of the manufacturer or wholesaler for a commission. The sender of the goods is known as cosigner and the person whom goods are sent is known as consignee. The relationship between the cosigner and the consignee is that  of principal and the agent. The goods are sold by the consign on the behalf of and at the risk of the consignor. The cosigner continue to the owner of the goods till is sold. The expresses incurred by the consignee is on behalf of the consignor. The consignee is entitled to a commission for his work. DEFINITION  Consignment may be defined as transferring the goods from the person to another person without transferring the ownership in order to make sale thereof. Consignment of goods is the sending of them by the owner (consignor) to his agent (the consignee) who agrees to collect, store and sell t