11 Life Changing Tips for the Students

Student life or period is the most challenging period.

We invest a lot of time and money on this stage.

Education is a long-term risky investment.

Return on education investment is depended on your planning.

Here, are the best 11 tips for any youth as well as the student.

(1) Choose job opportunity subjects

Choose your favourite subject from class 8/9 onwards.

Find out what can be done from that subject.

It is easy to pass in easy subjects but employment opportunities may be less.

The most difficult subjects in the world are Math, Physics, Chemistry, Accounting, Economics and English Grammar.

Gain proficiency in one of these subjects.

(2) Computer knowledge

Learn to use computer from class 8/9,

Learn your language, English and Math typing.

Learn at least MS Word, MS Excel and PowerPoint.

Learn video editing.

If you learn Photoshop and InDesign, you will get sure a job.

After that, you can start your own business by investing around two lakh rupees in SAARC countries (or depends on your country).

(3) Internship

If you are the student of the morning shift, do an internship in a field that matches your studies.

You can get help from your school or college principal or teacher for this.

Look for opportunities in the field related to your faculty or subject.

(4) Social media

Do not waste time posting on trolls, Facebook, Twitter, Instagram etc. when using social media.

There are also informative pages on Facebook and TikTok; search carefully.

Watch videos that are useful to you, rather than fun on YouTube, and enhance your skills.

Get in the habit of liking firms, companies and informational pages so that you can find out opportunities while using social media.

(5) Online courses

Many websites are now offering free online classes.

There are also many free courses on YouTube.

Do such courses in your spare time.

Some courses can be done for a small fee.

(6) Higher education

After four years of bachelor’s degree, a college certificate is not the only thing that matters.

A master’s degree is meant to be a job promotion or to become a teacher.

If you do not have a job or do not want to be a teacher; do not study for a master degree; you will be frustrated.

(7) Entrepreneur

If you want to become an entrepreneur, work in a related company for a few years.

Learning there will help you become a successful and good entrepreneur.

Start a business with a small investment in the beginning.

Do not start a business on loan.

(8) Love affair

Even if you are in a love affair, bring your career together.

Focus on the study; love alone does not make life easy.

Tell your ‘would be’ wife or husband to have a job or business.

One’s earnings cannot create a better future.

You need family help to succeed in the business.

The biggest hand in breaking up a relationship is financial then disbelief.

(9) Saving

Be sure to save at least 20% of what you earn.

After saving around Rs 5,000 to 10,000; invest this amount at cooperative or IPO.

Get life insurance policy when you can pay the premium easily.

(10) Earning and enjoying

After saving a certain amount of money, you will get the interest.

From this income, you should visit to the place of your choice.

The fun of being self-sufficient and self-employed is amazing.

The world is wide and life is uncertain.

(11) Help to needy

Be kind and good.

After securing your future, if you can spend 5/10 thousand a month, support any needy.

Help to the elderly who cannot work for.

Help poor students who want to study.

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ACCOUNTING ACRONYMS TO KNOW

An acronym is a word formed from the initial letters of a name or by combining initial letters of a series of words.

Types of abbreviations:

There are four main types of abbreviations; they are shortenings, contractions, initialisms and acronyms.

1. Shortenings

Generally, in shortenings the first few letters of the full form are taken.

They are spelled with a final period when they are still regarded as abbreviations.

Example: cont. = continued; in = inch.

In the cases when they form words in their own right, the period is omitted.

Such shortenings are often but not always informal.

Example: hippo = hippopotamus, limo = limousine

Some become the standard forms then the full forms are regarded as formal or technical.

Example: bus = omnibus; taxi = taxicab; deli = delicatessen; zoo = zoological garden.

Sometimes shortenings are altered to facilitate their pronunciation or spelling.

Example: bike = bicycle

2. Contractions

Contractions are abbreviated forms in which letters from the middle of the full form have been omitted.

Example: Dr. = debit; Dr. = doctor; St. = saint or street.

Such forms are invariably followed by a period.

Another kind of contraction is the type with an apostrophe marking the omission of letters.

Example: can’t = cannot; didn’t = did not; you’ve = you have.

3. Initialisms

Initialisms are made up of the initial letters of words and are pronounced as separate letters.

Example: CIA C.I.A.; pm or p.m.; U.S. or US.

4. Acronyms

Acronyms are initialisms that have become words in their own right, or similar words formed from parts of several words.

They are pronounced as words rather than as a series of letters.

Example: AIDS; UNESCO; SAARC

In many cases, the acronym becomes the standard term and the full form is only used in explanatory contexts.

A

AAT – Association of Accounting Technicians

ACIS – Associate of the Institute of Chartered Secretaries and Administrators

ACMA – Associate of the Chartered Institute of Management Accountants

A&A – audit and assurance

AAA – American Association of Attorney

AAA – Authentication Authorization Accounting

AAAA – Asian Academic Accounting Association

AAOIFI – Accounting and Auditing Organization of Islamic Financial Institutions (Bahrain)

AARF – Australian Accounting Research Foundation

AAS – Australian Accounting Standards

AASB – Australian Accounting Standards Board

AASOC – Auditing and Assurance Oversight Council (Canada)

ABB – activity based budgeting

ABC – activity based costing

ABI – Association of British Insurers (United Kingdom)

A/c – account

A/R – account receivable

ACCA – Association of Chartered Certified Accountants (United Kingdom)

ACCR – accrued

ACCT – accounting

ACEVO – Association of Chief Executives of Voluntary Organizations

ACGA – Asian Corporate Governance Association (ACGA)

AcSB – Accounting Standards Board in Canada

AcSOC – Accounting Standards Oversight Council (Canada)

ACT – Association of Corporate Treasurers (United Kingdorn); advance corporation tax

ADJ – adjustment

ADR – American Depository Receipts

ADT – auditing

AE – accrued expenses

AFAANZ – Accounting and Finance Association of Australia and New Zealand

AGF – Auditor General Form

AGM – annual general meeting

AIA – Association of International Accountants (United Kingdom)

AIBD – Association of International Bond Dealers

AICPA – American Institute of Certified Public Accountants

AIDB – Accountancy Investigation and Disciplinary Board (United Kingdom)

AIU – Audit Inspection Unit (United Kingdom)

AMEX – American Stock Exchange

AMPS – auction market preferred stock

A/P – accounts payable

APB – Accounting Principles Board (United States)

APB – Auditing Practices Board (United Kingdom)

APEC – Asia Pacific Economic Cooperation

APR – annualized percentage rate

APT – Auditing Practices Committee (United Kingdom)

A/R – accounts receivable

ARC – Accounting Regulatory Committee (European Union)

ARDF – Accounting Research and Development Foundation (Taiwan)

ARR – Accounting Rate of Return, Average Rate of Return

ASB – Accounting Standards Board (New Zealand, United Kingdom)

ASB – Auditing Standards Board (United States)

ASBJ – Accounting Standards Board of Japan

ASC – Accounting Standards Committee (United Kingdom)

ASCA – Arab Society of Certified Accountants

ASCPA – Australian Society of Certified Public Accountants

ASCS – American Society of Corporate Secretaries

ASSC – Accounting Standards Steering Committee (United Kingdom)

ASU – accounting standards update

AYB – actual year basis

AVC – additional voluntary contribution

AMT – alternative minimum tax

APACS – Association for Payment Clearing Services

APB – Accounting Principle Board; Auditing Practices Board

APC – Auditing Practices Committee

ASCII – American Standard Code for Information Interchange

ASOBAT – a statement of basic accounting theory

ATII – Associate of the Taxation Institute Incorporated

AATT – Associate of the Association of Tax Technicians

AMPS – auction market preferred stock

AVCO – average cost

ARM – adjustable-rate mortgage

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B

B&C – bond and coupon

b/d – brought down

b/f – balancing figure; brought forward

B/R – bills receivable

B2B – business to business

BAC – Business Accounting Council (Japan)

BACS – Bankers Automated Clearing System

BAFA – British Accounting and Finance Association

BAHA – British Association of Hospitality Accountants

BB – Bank of Bangladesh

BBA – British Accounting Association  

BDV – budget day value

BE – budget expenditure

BEA – break-even analysis

BEP – break-even point

BES – business expansion scheme

BGC – bank giro credit

BOD – bank overdraft

BOE – Bank of England

BOJ – Bank of Japan

BRS – bank reconciliation statement

BS – balance sheet

BSE – Bombay Stock Exchange

BSV – book salvage value

BUDG – budgeted

BV – book value

BV – business valuation

Keep in Mind

C

C&F – carried and forward

c/d – carried down

C/S – cost sharing

C+MV – cost plus market value

C2B – consumer-to-business

CA – Chartered Accountants

CA – current asset

CAATs – computer-assisted audit techniques

CAC – Corporate Affairs Commission

CAFA – comprehensive annual financial report

CAMA – Company Allied Matter Act

CAPA – Confederation of Asia and Pacific Accountants

CapEx – capital expenditure

CAPM – capital asset pricing model

CAPM – capital asset pricing model; Certified Associate in Project Management

CAQ – center for audit quality

CASB – Cost Accounting Standard Board

CASC – China Accounting Standards Committee

CBA – cost-benefit analysis

CBS – Consolidated Balance Sheet

CBSL – Central Bank of Sri Lanka

CCA – current cost accounting

CCAB – Consultative Committee of Accountancy Bodies

CCAB – Consultative Committee of Accountancy Bodies (United Kingdom)

CCAR – current cost accounting reserve  

CCE – current cash equivalent

CD – certificate of deposit; cost driver

CEDEL – Central de Livraison de Valeurs Mobilieres

CEO – Chief Executive Officer

CESR – Council of European Security Regulators

CETR – capital employed turnover ratio

CFAT – cash inflow after tax and depreciation

CFC – Conselho Federal de Contabilidade (Brazil)

CFO – Chief Finance Officer

CFO – Chief Financial Officer

CFP – Certified Financial Planner

CFTDR – cash flow to total debt ratio

CGA – Certified General Accountants Association of Canada

CGT – capital gain tax

CGU – cash generating unit

CHAPS – Clearing House Automated Payment System

CHIPS – Clearing House Interbank Payments System

CIA – Certified Internal Auditor (United States)

CICA – Canadian Institute of Chartered Accountants

CICPA – Chinese Institute of Certified Public Accountants

CIMA – Chartered Institute of Management Accountants (United Kingdom)

CIPFA – Chartered Institute of Public Finance and Accountancy (United Kingdom)

CIT – Chartered Institute of Taxation (United Kingdom)

CITA – Company Income Tax Act

CL – current liability

CMA – Certified Management Accountant

CMA – Certified Management Accountants (Canada)

CMO – collateralized mortgage obligation

CNC – Conseil National de la Comptabilite (France)

CoCoA – continuously contemporary accounting

COE or Ke – cost of equity

COGS – cost of goods sold

COO – Chief Operating Officer

COSA – cost of sales adjustment

CPA – Certified Public Accountant

CPA -Certified Public Accountants

CPI – consumer price index

CPM – cost per mile

CPP – current purchasing power

CPP Accounting – current purchasing power accounting

CPPM – current purchasing power method

CPU – cost per unit

Cr – credit

CRO – Company Registrar Office

CSR – corporate social responsibility

CSV – cash salvage value

CT – corporate tax

CTR – capital turnover ratio

CTT – capital transfer tax

CULS – converted unsecured loan stock

CULS – convertible unsecured loan stock

CV – cash value

CVPA – cost-volume-profit analysis

D

DASC – Danish Accounting Standards Committee

DAB – Da Afghanistan Bank

DBM – declining balance method; diminishing balance method

DBMS – database management system

DBR – Drum-Buffer-Rope

DC – direct cost

DCF – discounted cash flow

DCV – direct charge voucher

DDBM – double declining balance method

Dmat account – dematerialised account

Depn – depreciation

DER – debt equity ratio

DJIA – Dow Jones Industrial Average

DL – direct labour

DP – data processing

DPS – dividends per share

Dr – debit

DSS – decision support system

DTCO – District Treasury and Comptroller Office

DTP – desktop publishing

E

EAA – European Accounting Association

EAA – European Accounting Association

EAT – earnings after tax

EBIT – earnings before interest and taxes

EBITDA – earnings before interest, taxes, depreciation and amortization

EBP – Employee Benefit Plan

EBT – earnings before tax

ECG – European Corporate Governance Institute

ECGD – Export Credits Guarantee Department

ECGI – European Corporate Governance Institute

ECB – European Central Bank

ECP – Euro Commercial Paper

ECU – European Currency Unit

EDGAR – electronic data gathering, analysis, and retrieval system

EDI – electronic data interchange

EDP – electronic data processing

EFRAG – European Financial Reporting Advisory Group

EFT – electronic funds transfer

EFTPOS – electronic funds transfer at point of sale

EGM – extraordinary general meeting

EIC – Emerging Issues Committee (Canada)

EIS – enterprise investment scheme

EIS – Enterprise investment scheme

EITF – Emerging Issues Task Force

EMH – efficient market hypothesis

EMS – European Monetary System

EMS – European Monetary System

EMU – economic and monetary union

EMV – expected monetary value

EOQ – economic order quantity

EPS – earnings per share

ERP – enterprise resource planning

ESOP – employee share ownership plan

ESOT – employee share ownership trust

ETF – electronic transfer of funds

EV – expected value

EVA – economic value added

Exp – expense

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F

F&A – facilities and administrative costs

F&F – furniture and fixture

FA – fixed assets

FACPCE – Federacion Argentina de Consejos Profesionales de Ciencias

FAF – Financial Accounting Foundation

FAF – Financial Accounting Foundation (United States)

FARR – Financial Accounting and Reporting Rules for Entities (China)

FAS – financial accounting standards

FASAC – Financial Accounting Standards Advisory Council (United States)

FASB – Financial Accounting Standards Board

FASB – Financial Accounting Standards Board (United States)

FASC – Financial Accounting Standards Committee (Taiwan)

FASF – Financial Accounting Standards Foundation (Japan)

FATR – fixed assets turnover ratio

FC – fixed cost

FD – fixed deposit

FDR – Federal Reserve Bank

FE – fixed expenses

FEE – Federation des Experts Comptables Europeens (Belgium)

FER – Fachempfehlungen zur Rechnungslegung – Swiss GAAP (Switzerland)

FFO – funds from operation

FIAO – free in and out

FIDEF – Federation Internationale des Experts Comptables Francophones (France)

FIFO – first in, first out

FII – franked investment income

FIM – fixed installment method

FIMBRA – Financial Intermediaries, Managers and Brokers Regulatory Association

FinREC – Financial Reporting Executive Committee

FMCG – fast-moving consumer goods

FOB – free on board

FOEV – fixed overhead expenditure variance

Forex – foreign exchange

FOTV – fixed overhead total variance

FOVV – fixed overhead volume variance

FRA – forward rate agreement

FRA – forward-rate agreement

FRC – Financial Reporting Council

FRC – Financial Reporting Council (United Kingdom)

FRED – Financial Reporting Exposure Draft (United Kingdom)

FRF – Financial Reporting Foundation (Malaysia)

FRN – floating-rate note

FRR – Financial Reporting Release (United States)

FRRP – Financial Reporting Review Panel (United Kingdom)

FRS – Federal Reserve System

FRS – Financial Reporting Standards (New Zealand, United Kingdom)

FRSB – Financial Reporting Standards Board (New Zealand)

FRSSE – financial reporting standard for smaller entities

FRSSE – Financial Reporting Standard for Smaller Entities (United Kingdom)

FSA – Financial Services Act (1986)

FSR – Foreningen af Stalsautoriserede Revisorer (Denmark)

FV – future value

FX – foreign exchange

FY – financial year; fiscal year

G

G5 – group five (France, Germany, Japan, the United Kingdom and the United States)

G8 – group eight (Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States)

GA – gearing adjustment

GAAP – generally accepted accounting principles

GAAS – generally accepted auditing standards

GAGAP – generally accepted government accounting principles

GAO – Government Accountability Office

GASB – Government Accounting Standards Board (United States)

GDP – gross domestic product.

GL – general ledger

GM – gross margin

GNP – gross national product

GP – gross profit

GPFS – general purpose financial statements

GPM – gross profit margin

GPR – gross profit ratio

GR – gearing ratio

GRN – goods received note

GSCCAB – Gibraltar Society of Charter Certified Accountancy Bodies

GST – goods and service tax

H

HC – holding company

HCA – historical cost accounting

HIP – human-information processing

HKICPA – Hong Kong Institute of Certified Public Accountants

HKSE – Hong Kong Stock Exchange

I

IAAER – International Association for Accounting Education and Research

IAASB – International Auditing and Assurance Standards Board

IAB – International Association of Bookkeepers

IAFEI – International Association of Financial Executives Institutes

IAPA – International Association of Practising Accountants (United Kingdom)

IAPC – International Auditing Practices Committee

IAS – International Accounting Standard

IASB – International Accounting Standards Board

IASC – International Accounting Standards Committee

IBRD – International Bank for Reconstruction and Development

ICAA – Institute of Chartered Accountants in Australia

ICAC – Instituto de Contabilidad y Auditoria de Cuentas (Spain)

ICAEW – Institute of Chartered Accountants in England and Wales

ICAI – Institute of Chartered Accountants in Ireland

ICAN – Institute of Chartered Accountants of Nepal

ICAN – Institute of Chartered Accountants of Nigeria

ICANZ – Institute of Chartered Accountants of New Zealand

ICAS – Institute of Chartered Accountants of Scotland

ICQ – internal control questionnaire

ICSA – Institute of Chartered Secretaries and Administrators (United Kingdom)

IFAC – International Federation of Accountants (United States)

IFAD – International Forum for Accountancy Development

IFAEC – International Federation of Accountants Education Committee

IFRIC – International Financial Reporting Interpretations Committee (IASB)

IFRS – International Financial Reporting Standard

IGC – Implementation Guidance Committee

IHT – inheritance tax

IHT – inheritance tax

IIA – Institute of Internal Auditors

IMA – Institute of Management Accountants (United States)

IMF – International Monetary Fund

IMRO – Investment Management Regulatory Organisation

INTOSAI – International Organization of Supreme Audit Institutions (Austria)

IOSCO – International Organisation for Securities Commission

IOSCO – International Organization for Securities Commissions

IPO – Initial Public Offering

IPSAS – International Public Sector Accounting Standards

IRA – individual retirement account

IRFAA- International Regional Federation of Accountants and Auditors EURASIA “Eurasia”

IRR – internal rate of return

IRS – internal revenue service

ISA – individual savings accounts

ISA – International Standards on Auditing

ISACA – Information Systems Audit and Control Association (United States)

ISAR – United Nations Intergovernmental Work Group of Experts on International Standard: Accounting and Reporting

ISO – International Organization for Standardization

IT – income tax

IT – information technology

ITF – integrated test facility

ITR – inventory turnover ratio

IVSC – International Valuation Standards Committee (United Kingdom)

Keep in Mind

J

JICPA – Japanese Institute of Certified Public Accountants

JIT – just-in-time

JDS – joint disciplinary scheme

K

KASB – Korean Accounting Standards Board

K – real risk free rate of interest

L

L/C – letter of credit

LAN – local area network

LAUTRO – Life Assurance and Unit Trust Regulatory Organisation

LBO – leveraged buy out

LBO – leveraged buyout

LF – ledger folio number

LH – labour hours

LIAB – Licentiate of the International Association of Book-keepers

LIBID – London Inter-Bank Bid Rate

LIBOR – London Inter-Bank Offered Rate

LIFFE – London International Financial Futures and Options Exchange

LIFFE – London International Financial Futures and Options Exchange

LIFO – last in, first out

LIMEAN – London Inter-Bank Mean Rate

LLC – Limited Liability Company

LOR – letters of response

LSE – London Stock Exchange

Ltd – Limited

LTL – long-term liabilities

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M

M/s – messrs

MAS – Malaysian Accounting Standards

MASB – Malaysian Accounting Standards Board

MBO – management by objectives; management buy out

MCT – mainstream corporation tax

MD&A – management discussion and analysis

MD&A – Management Discussion and Analysis (United States)

MH – machine hours

MIRAS – mortgage interest relief at source

MIS – management information systems

MLA – mandatory liquid assets

MLA – mandatory liquid assets

MMA – Maldivian Monetary Authority

MMC – Monopolies and Mergers Commission

MOS – margin of safety

MRN – materials returns note

MRP – maximum retail price

MTN – medium-term note

MVA – market value added

MWC – monetary working capital

MWCA – monetary working capital adjustment

N

N/R – notes receivable

NAA – National Association of Accountants

NAO – National Audit Office

NASD – National Association of Security Dealers

NASDAQ – National Association of Security Dealers Automated Quotation System

NAV – net asset value

NBFC – Non-Banking Financial Company

NBV – net book value

NBV – net book value

NCA – non-current asset

NCFFA – net cash from financing activities

NCFIA – net cash from investing activities

NCFOA – net cash from operating activities

NCL – non-current liability

NCO – net capital outlay

NEPSE – Nepal Stock Exchange

NI – net income

NIC – National Insurance Contribution

NIFO – next-in-first-out

NIFO cost – next-in-first-out cost

NIT – negative income tax

NPO – non-for-profit organisation; non-profit organisation

NPV – net present value

NRB – Nepal Rastra Bank

NRS – Norsk RegnskapsStiftelse (Norway)

NRV – net realizable value

NRV – net realizable value

NSC – National Savings Certificates

NSF – non-sufficient funds

NYSE – New York Stock Exchange

O

O/s – Outstanding

OBSF – off balance sheet fiancé; off balance sheet financing

OCM – original cost method

OD – overdraft

OE – operation expenses

OE – owner’s equity

OECD – Organization for Economic Cooperation and Development

OFT – office of fair trading

OMV – open-market value

OPEB – other post-retirement employee benefit

OTC market – over-the-counter market

P

(P) – private

P&L – profit and loss

P/D ratio – price-dividend ratio

P/V ratio – profit volume ratio

PA – Public Accountant

PAC – Public Accounting Council (Canada)

PAN – permanent account number

PAT – profit after tax

PAYE – pay as you earn

PBD – provision for bad debts

PBP- payback period

PBT – profit before tax

PC – purchase consideration

PCAOB – Public Company Accounting Oversight Board (United States)

PCB – petty cash book

PCC – Private Company Council

PCF – petty cash fund

PCP – permissible capital payment 

PDD – provision for doubtful debts

PDR – price dividend ratio

PEP – personal equity plan

PER – price earnings ratio

PERT – programme evaluation and review technique

PET – potentially exempt transfer

PI – profitability index

PIA – Personal Investment Authority

PIBS – permanent interest bearing share

PINC – property income certificate

PITA – Personal Income Tax Act

PLC – Public Limited Company

POBA – Professional Oversight Board for Accountancy (United Kingdom)

POS – point of sale

PR – purchase requisition

PRB – Peer Review Board

Prop – proprietor

PRP – profit-related pay

PRT – petroleum revenue tax

PSAB – Public Sector Accounting Board (Canada)

PSASB – Public Sector Accounting Standards Board (Australia)

PSBR – public sector borrowing requirement

PSR – profit-sharing ratio

Pte – private

PV – profit volume

PV – purchase value

Pvt – private

Pvt Ltd – Private Limited

PYB – preceding year basis

PYB – preceding-year basis

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Q

QC – quality control

ql – quintal

Qly – quality

Qn – question

Q or Qtr – quarter

Qty – quantity

QR – quick ratio

QR code – quick response code

R

® – registered

R&D – research and development

R&M – repairs and maintenance

RAFT – revolving acceptance facility by tender

RAFT – revolving acceptance facility by tender

RBA – Reserve Bank of Australia

RBI – Reserve Bank of India

RBNZ – Reserve Bank of New Zealand

Ref – reference

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

RI – residual income

RIC – Regulated Investment Company

RM – raw materials

RMA – Royal Monetary Authority of Bhutan

RNS – Regulatory News Service

RNS – Regulatory News Service (United Kingdom)

ROA – return on assets

ROB – Recognized Qualifying Body (United Kingdom)

ROCE – return on capital employed

ROCE – return on capital employed

ROCE – return on capital employed

ROE – return on equity

ROE – return on equity

ROI – return on investment

ROI – return on investment

ROL – reorder level

ROR – rate of return

ROS – return on sales

ROSE – return on shareholder’s equity

RPB – recognized professional body

RPB – recognized professional body

RPI – retail price index

RPI – retail price index

S

S&D – selling and distribution

SAC – Standards Advisory Council

SAM – simple average method

SAS – Statement of Accounting Standards

SAYE – save as you earn

SCARF – systems control and review file

SEAQ – Stock Exchange Automated Quotations System

SEBI – Security and Exchange Board of India

SEC – Securities and Exchange Commission (United States)

SEDAR – System for Electronic Document Analysis and Retrieval (Canada)

SEEPAD – South Eastern European Partnership on Accountancy Development

SEP – simplified employee pension

SERPS – State Earning-Related Pension Scheme

SFA – Securities and Futures Authority Ltd

SFAC – Standards of Financial Accounting Concepts (United States)

SFAS – Statement of Financial Accounting Standards (United States)

SFC – Securities and Futures Commission (Taiwan)

SFO – Serious Fraud Office

SIA – Securities Industry Association

SIAS – Statement on Internal Auditing Standards

SIAT – Society of International Accounting Technicians (United Kingdom)

SIB – Securities and Investment Board

SIC – Standards Interpretations Committee

SLM – straight line method

SN – serial number

SNB – Swiss National Bank

SNIF – short-term note issuance facility

SOC – service organization control

SORP – statement of recommended practice

SOX – Sarbanes Oxley Act 2002

SPB – State Bank of Pakistan

SPE – special purpose entities

SPV – special purpose vehicles

Sr – serial

SRN – stores returns note

SRN – stores returns note

SRO – Self-Regulating Organisation

SSAP – statement of standard accounting practice

SSAP – Statement of Standards Accounting Practice (United Kingdom)

SSP – statutory sick pay

SVC – semi-variable cost

SWOT – strengths, weaknesses, opportunities and threats

SYS – single entry system

T

TA – tax avoidance

TAR – throughput accounting ratio

TATR – total assets turnover ratio

T-bill – treasury bill

T-bond – treasury bond

TE – tax evasion

Tech – technology

TESSA – tax exempt special saving scheme

TFOSS – Task Force on Standards Setting (Canada)

TIN – Taxpayer Identification Number

TL – tax liability

TLF – transferable loan facility

TOC – theory of constraints

TV – terminal value

TWDV – tax written down value

U

UAA – Uniform Accountancy Act

UITF – Urgent issues Task Force

UITF – Urgent Issues Task Force (United Kingdom)

UNCTAD – United Nations Conference on Trade and Development

USAID – U.S. Agency for International Development

USM – unlisted securities market

V

VAT – value added tax

VC – variable cost; venture capital

VE – variable expenses

VRN – variable-rate note

W

WAC – weighted-average cost

WACC – weight average cost of capital

WACM – weighted-average cost method

WAM – weighted average method

WC – working capital

WDA – writing-down allowance

WDV – written-down value

WIP – work-in-progress; work-in-process

Z

ZBB – zero-base budget

ZPG – zero population growth

Digit

24/7 – all time

401 (k) – retirement plan in the USA

52-weeks – of the past year

420 – fraud and cheating

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Intangible Assets | Intellectual Assets | Biological Assets 

Intangible assets are also known as fictitious assets.

There are various types of intangible assets; they are preliminary expenses, discount on issue of debenture, underwriting commission, goodwill, discount on issue of shares, premium on redemption of debentures etc.

There are various types of intellectual assets; they are patents, trademarks, copyrights, goodwill, franchises, license to use etc.

Biological assets are alive natural resources and live stocks.

Biological Assets

There are three types of biological assets; they are animals, agricultural products, trees and cannabis.

Under animals, all types of animals and birds are included (dairy firm, poultry firm, pig firm); they are also used for meat firm.

Under the agriculture products, all types of grains and vegetables are included.

Under threes, all types of tress, shrub, herbs and grasses are included paper and forest products). 

Under the cannabis, drug  plants are included like hemp and opium (apheem); in many countries, cannabis is illegal. 

Biological assets recorded as current assets or non-current assets (fixed assets) according to their nature.

Generally, biological assets are NOT depreciated, they are revalued at fair value (market value).

If they are depreciated, reasons must be mentioned with method of depreciation.

Types of intellectual Assets

Some intellectual assets are explained below:

Patents

Patent is an exclusive rights of inventor and manufacture.

It is a form of intellectual property.

There are three types of patents; they are utility patents, plant patents and design patents.

The utility patent is one of the most common patents; it is also known as a patent for the invention.

Sometime patents are applied on assembled goods, selling rights, making rights, using rights etc.

The state or central government issues rights to inventors for patents.

A patent is a non-renewable asset.

However, companies can extend the legal life of a patent by obtaining new patents for improvements or other modifications in the basic design.

 Courtesy: U.S. Patent and Trademark Office

In most countries, patent rights fall under civil law legal system and the patent holder must sue someone infringing of the patent rights.

The estimated useful life of the patent may change if technology or consumer tastes change.

After fulfillment of required documents, government grants exclusive patents rights.

However, a patent application must include one or more claims that define the scope of protection that is being sought.

Patent holders amortize the patent cost over its 20-year legal life or its useful life, whichever is shorter. 

A Trademark is a sign of serious commercial intent and protects/increases the goodwill of the owner’s business

It is seen as an evidence of ownership

A trademark gives the owner legal recourse against illicit use

Trademarks or Trade name

Trademark is written as trade mark or trade-mark.

Trademark is also used for service; it is called service mark.

It is also known as trade name; it is a name or symbol used to identify a business and its products.

It is an intellectual asset.

It increases the goodwill of the owner’s business; it is seen as an evidence of ownership.

A trademark gives the owner legal recourse against illegal use.

A business logo is an example of a trademark because every large organization has its business logo.

Trademarks are created for names, symbols, letter (s), catchphrases, figures and slogan.

The creator, author or owner obtains the exclusive legal right to the trademark by registering it.

When a company purchases the trademark, purchase price of trademark is recorded as an intangible asset in a balance sheet.

In case a company develops the trademark, any costs related to these activities are expensed as incurred.

The legal protection of a trademark prevents other businesses from using the specific image, symbol or text associated with the brand.

Keep in Mind

Copyrights

These are exclusive rights to publish and sell an artistic work, literary work, musical composition etc.

Copyrights protect the works from reproduction or derivative use without the consent of the copyright owner.

Usually, copyright owner is known as the author or publisher.

The state or central government issues copyrights.

Copyright extends for 70 years beyond the author’s death.

Copyright cost includes all costs of creating the work plus any administrative or legal costs of obtaining the copyright. 

In general, the useful life of copyright is significantly shorter than its legal life.

Business organizations amortize copyrights over a relatively short period.

Copyrights

These are exclusive rights to publish and sell an artistic work, literary work, musical composition etc.

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Goodwill

Goodwill is an intangible asset.

It appears in the balance sheet of the organization.

From the different angle of view, goodwill is the result of more or less permanent impression of product (s), service after sales of the organization.

It is applicable only among competitive business; goodwill includes: 

High-quality products

Exceptional management

A desirable location

Excellent customer relations

Skilled employees

Pleasant relations with labour unions etc.

Customers purchase iPhone due to its goodwill.

There are other mobile phone companies but most of the high level income customers purchase iPhone.

Keep in Mind

Franchises

Franchise is a type of joint venture between franchisor and franchisee.

The franchisor is the original business owner or organization.

The franchisor grants permission to the franchisee the right to sell specific products or services.

Franchisee uses certain trademarks, usually within a designated geographic area. 

Franchisee buys this right to sell the franchisor’s goods or services under an existing business trademark and model.

Top 10 International Franchises

Franchises are the popular way for entrepreneurs to start a business.

It is the one of best way for entering a highly competitive industry such as fast food.

One big advantage to purchasing a franchise is to access to an established company’s brand name.

While choosing franchise business, investor will not need to spend resources getting brand name and product out to customers.

Before buying a franchise, investors should carefully read the Franchise Disclosure Document.

This document contains information about franchise fees, expenses, performance expectations and other key operating details.

Top 10 International Franchises

License to use

License is known as the contractual right to use another’s patents, trademarks, copyrights, lease etc.

Examples of license include:

Landlord or public land charges license free for using for telephone lines, electric lines, fiber internet cable, cable TV lines etc.

State government and municipality charges license fee for private telephone operators, electricity suppliers, fiber internet cable, cable TV lines etc.

Government charges spectrum charges for taking permission of mobile network, internet, airwaves for radio or TV broadcasting etc.

Publishers and creators take royalty or fee for copyrights photos, videos, songs, articles etc for reusing them.

Keep in Mind

Written Off and Amortization

Assets are fixed assets, current assets and intangible assets and intellectual assets.

Fixed assets are depreciated but intangible assets and intellectual assets are amortized or written off.

In current assets, there is never depreciation.

Intangible assets and intellectual assets do not exist in touchable form and there is no monetary value.

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Written off or Amortization

Journal Entry

In the book of …………

Keep in Mind (KIM)

PROBLEM:

The following extracted transaction is available on 31^st December:

Patents are written off $/₹/Rs 75,000.

Copyrights amortized of $/₹/Rs 60,000.

Goodwill $/₹/Rs 80,000 is written off during 5 years

Write off preliminary expenses $/₹/Rs 15,000.

Write off discount on issue of debenture $/₹/Rs 10,000

Amortize underwriting commission of $/₹/Rs 14,000

Discount on shares $/₹/Rs 50,000 is amortized in 4 years.

Required: Journal entries

SOLUTION:

Given and working note:

Goodwill written off                          = Rs 80,000 ÷ 5 years         = Rs 16,000

Discount on issue of shares              = Rs 50,000 ÷ 4 years         = Rs 12,500

Journal Entries

In the book of ……..

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Accounting XI

New Syllabus

 (Model Question 2077)

[Subject code: Acc. 103]

Time: 3 hours,    Full Marks: 75

Section A: Very Short Answer Questions

(Attempt All Questions) [11 questions x 1 mark= 11]

Q1: What is book-keeping?  

Q2: Mention any two objective of accounting.

Q3: Write the meaning of money measurement concept.

Q4: Define trial balance.

Q5: What is cross cheque?

Q6: Write about error of principle.

Q7: What is reserve?

Q8: Write any one difference between capital expenditure and revenue expenditure.

Q9: What is dhapot?

Q10: Define bank cash book.

Q11: State the use of budget sheet.

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Section B: Short Answer Questions

Attempt All Questions [8 questions x 5 marks = 40]

Q12A: State accounting process in brief. [3]

Q12B: Prepare accounting equation from following details: [2]

Started business with cash Rs 200,000 and furniture Rs 500,000.

Purchase goods worth Rs 80,000 in cash and 70,000 on credit.

Paid rent Rs 90,000.

Sold goods costing Rs 20,000 in cash for Rs 25,000.

Q13A: Cash and banking transactions are given below:

Poush 1: Opening balance of cash and bank are Rs. 60,000 and Rs 2,00,000 respectively.

Poush 13: Cash deposited in bank of Rs 30,000.

Poush 22: Paid of Rs 32,000 to Ram through cheque for settling account of Rs 35,000.

Poush 27: Received a cheque from Aviral of Rs 19,000 and cash Rs 3,000 for selling machine.

(Required: Triple column cash book [3]

Q13B: Transactions related to furniture purchases are given below:

Dec 5: Purchase from Karuna Suppliers:

10 coffee tables for Rs 1,00,000

20 small chairs @ Rs 4,000 each

Trade discount @ 10%

Dec 19: Purchased from Anjali traders:

5 beds @ Rs 15,000 each

8 pieces of sofa @ Rs 25,000 per sofa

Required: Purchase book [2]

Q14: Following information are given:

(a) Cash book showed a balance of Rs 80,000.

(b) Bank credited Rs 20,000 only out of various cheques of Rs 75,000 deposited in the bank.

(c) Cheques issued of Rs 90,000 but a cheque of Rs 10,000 was not presented for payment till the date.

(d) A customer deposited a cheque of Rs 44,000 directly in the bank but has not been recorded in the cash book.

(e) Bank debited Rs 500 as bank charge in the pass book.

(f) Cheque of Rs 12,000 received and entered into the cash book but failed to deposit in the bank.

Required: Bank Reconciliation Statement [5]

Q15A: Rectify following errors before preparing of trial balance:

(a) Cash sales to Sharma Rs 45,000 debited to his account

(b) Sales of machinery @ Rs 19,000 were wrongly credited in sales account.

(c) Purchase goods from Pema Rs 20,000 recorded in sales book. [3]

Q15B: Following information are extracted from the trial balance:

Additional information:

(a) Bad debt Rs. 2,000; (b) Provision for bad debt @ 5%

Required: Provision for bad debt account [2]

Or

An unadjusted trial balance of ‘A’ trading concern is given below

Additional information:

(a) Office expenses prepaid) Rs 3,000

(b) Land appreciated by 10%

(c) Salary outstanding) Rs. 1500

(d) Bad debts written off) Rs. 2500

(e) Prepaid insurance expire Rs. 10,000

Required: Adjusted Trial balance [5]

Q16: On 1^st January 2018, ABC Company purchased a motor van at Rs 6,00,000. On 1^st July, 2019, company purchased another motor van worth Rs 8,00,000. On 1^st July 2020, the first motor van was sold bearing the loss of Rs 50,000 and on the same date company purchased another motor van for Rs 10,00,000. Depreciation was charged @10% p.a. under fixed installment method. The accounts of the company were closed on 31^st December each year.

Motor Van account for the first three years (1+2+2 = 5)

Q17: Trial balance of Nabin Trader on Chaitra 30, 2071 is given below:

Additional information:

(a) Depreciation on machinery 10% p.a

(b) Salary payable Rs 4,000)

(c) New bad debt Rs 1,000

Required: Profit & Loss account and Balance sheet [3+2 = 5]

Q18: Red Cross Provides following information:

Balance sheet (as on 1 January 2018)

Receipt and Payment of the Red Cross are given below on 31^st December 2018:

Receipts:

Subscriptions Rs 50,000

Entrance fees Rs 30,000

Interest on investment Rs 5,000.

Sales of old furniture Rs 5,000.

Payments:

Tournament expenses (sponsor) Rs 10,000.

Wages Rs 20,000

Printing Rs 7,500

General expenses Rs 12,000

Newspaper 1,800.

Additional information:

(a) Printing outstanding Rs 500 and wages outstanding Rs 3,000.

(b) 40% of the entrance fees is to be capitalised.

(c) Fixed assets depreciate by 10%.

(d) Subscription due for the year Rs 22,000.

Required: (1) Receipt and payment account; (2) Income and expenditure account [2+3 = 5]

Q19A: Shweta keeps her accounts under single entry system. She started a business with cash Rs 200,000 on 1^st January 2017. She withdraws Rs 2,000 per month for household works. The position of her business at the end of the year was as follows:

Required: (a) Closing statement of affairs; (b) Statement of profit and loss [1+1 = 2]

Q19B: The following extracted transactions of District Level Office are given:

Chaitra 1: House rent @ Rs 8,000 per month for three months paid to house owner Sailesh.

Chaitra 15: Furniture advance of Rs 5,000 was cleared as per bill of Rs 6,000 and bank voucher of Rs 1,000 submitted by NaSu Ramchandra.

Chaitra 30: Staff remuneration of Chaitra Rs 30,000 (without provident fund) was distributed after deducting PF Rs 6,000, social security Rs 300 and income tax Rs 1,500.

Required: Journal vouchers [1+1+1 =3]

Or

The following information are given by District Level Office:

Expenditure for the month of Chaitra:

Chaitra 1: Purchase furniture Rs 10,000.

Chaitra 5: Purchase vehicle Rs 100,000.

Chaitra 10: Advance rent paid Rs for Rs 10,000.

Chaitra 28: Distributed Rs 35,000 for the employee’s remuneration after deducting income tax Rs 1,000 and PF Rs 8,000

Required: Budget sheet [5]

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Section C: Long Answer Questions

Attempt All Questions [3 questions x 8 marks = 24]

Q20: Information of Samriyan Enterprises is given below:

(a) Started business with cash Rs 200,000

(b) Purchase goods of Rs 15,000 from Ram

(c) Goods sold in cash Rs 18,000.

(d) Cash paid to Ram Rs 10,000

(e) Again goods purchase from Ram Rs 20,000

(f) Paid to Ram Rs 24,000 in full settlement of his account

Required: (1) Journal entries; (2) Necessary ledgers; (3) Trial balance [3+4+1 = 8]

Q21: The trial balance of Deepak Store as on 31^st December 2020 is given below:

Additional information:

(a)  Salaries are 80% of selling and 20% administration expenses

(b) Insurance expires of Rs 18,000

(c) Depreciation on plant and machinery is 15%.

Required: (1) Income statement based on NFRS; (2) Balance sheet based on NFRS [4+4 = 8]

Or

What is government accounting? Explain the features of new government accounting system. [3+5]

Q22A: Following transactions are given by Local Level Office:

Marg 1: Balance at bank Rs 75,000

Marg 3: Received bank transfer order Rs 325,000 as a budget release.

Marg 9: Issued a cheque of Rs 20,000 for the purchase of furniture.

Marg 22: Cleared advance of Subodh Regmi against of submission of bill of books purchase amount Rs 10,000 and cash Rs 3,000

Marg 30: Distributed total salary of Rs 88,000 after deducting of provident fund Rs 16,000 and income tax Rs 4,000

Required: Bank cash book [4]

Q22B: Following information is given:

Additional information:

(a) Revolving fund received Rs 295,000.

(b) Cash balance Rs 2,000.

(c) Unclear advance Rs 15,000

(d) Loan by nearby office Rs 3,000

Required: Statement of expenditure [4]

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NEB Examination Routine 2078

The National Examinations Board (NEB)   is the only one board exam of school level education in Nepal.

(NEB is formerly known as HSEB (Higher Secondary Education Board)

In Nepal, the government school operation procedures are managed by local bodies.

The tasks related to curriculum construction, development and determination of equivalence are performed by Curriculum Development Centre.

The examination related tasks of Grade 10 (Secondary Education Examinations-SEE) and class 11 and 12 (School Leaving Certificate Examination- (SLCE) have managed by the National Examinations Board (NEB).

At the same time, the examinations of class 10 will be brought into operation in the regional/provincial level.

NEB Examination Routine 2078/2021

Class 12

Time: 8 to 11 a.m.

NEB Exam Controller, Class 12 Exam routine 2078

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An Indian University sold 36,000 fake degrees.

According to the Himachal Pradesh police investigation, there are 36,000 fake degrees.

The University has given total 41,000 degrees, out of them only 5,000 degrees were genuine.

Manav Bharti University (MBU) is a Private University.

It is located in the village Laddo near Kumarhatti in Solan district in the Indian state of Himachal Pradesh, India.

It was established under the Himachal Pradesh State Legislature Act and notified under Section 2(f) of the University Grants Commission (UGC) Act 1956.

Police have investigated 14 computer’s hard discs out of 55.

Research on the rest of the hard disk is also expected to find many fake degrees.

Raj Kumar Rana is the chairman of the university.

He was living in Australia with his wife and children.

The passport of Rajkumar Rana has been returned and the process of deporting his wife and children to India.

The Rana family opened universities in Himachal Pradesh in 2009 and Haryana in 2013.

Police have estimated that he earned ₹ 194 crore Indian currency just by selling fake degrees.

According to the police, this is the largest money laundering from the education sector in Indian history.

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Trillion

The word trillion is very popular in economics sector.

There are only 16 countries that are doing progress to achieve trillion economies.

Many times, Indian leaders are asked “How many zeros are there in trillion?”

Here, is the answer:

Numbers bigger than a trillion

Generally, a normal or job holder person does not need to count more than million, billion or trillion but business person or business organization earns more than trillion amounts.

The digit zero plays an important role as we count very large numbers.

In the first column lists, there are the names of the number,

In the second column, there are number of zeros that follow the initial digit,

In the third column, how many groups of three zeros need to write in each number.