An accounting procedure is a set of steps or methods used to record, classify, and summarize financial transactions in order to prepare financial statements and ensure accurate financial reporting.
The transaction will be recorded as a debit to the Salary Expense account and a credit to the Cash account.
To pass the entry in Tally for commission paid to four agents, you can follow these steps:
1. Go to the Gateway of Tally.
2. Select "Accounting Vouchers."
3. Choose "Payment" voucher type.
4. In the "Account" field, select the first agent's account.
5. Enter the commission amount in the "Amount" field.
6. In the "Particulars" section, select "Commission Expenses" or create a new ledger for "Commission Paid" if it doesn't exist.
7. Repeat the above steps for each agent, ensuring to debit their respective accounts and credit the "Commission Expenses" account.
Finally, save the voucher.
The Accounting Standards category on takluu.com provides a detailed understanding of the rules and frameworks that govern financial reporting globally and in India. Accounting Standards are essential to ensure consistency, transparency, and accuracy in the financial statements of businesses, making them crucial for investors, regulators, and internal stakeholders.
This section is especially useful for candidates preparing for interviews in fields like accounting, finance, auditing, tax consultancy, and corporate compliance. It covers the Indian Accounting Standards (Ind AS), as well as important global frameworks like IFRS (International Financial Reporting Standards) and US GAAP. You’ll learn the logic behind standardization and the practical application of each standard through real-world examples and commonly asked interview questions.
The questions here span across key standards such as AS 1 (Disclosure of Accounting Policies), AS 2 (Valuation of Inventories), AS 10 (Property, Plant & Equipment), and Ind AS 115 (Revenue from Contracts with Customers), among others. You’ll also get exposure to differences between AS, Ind AS, and IFRS, how changes in accounting standards impact business reporting, and what recent amendments have been introduced.
For freshers and professionals alike, this category ensures you’re interview-ready with solid theoretical knowledge and practical insights. Whether you’re preparing for roles like Accounts Executive, Chartered Accountant, Auditor, or Financial Analyst, mastering accounting standards is vital to showcasing your understanding of accurate financial representation.