Q-1 WHAT IS DIFF. B/W PROVISION AND PROVISO?
Q-2 WHAT IS INTER-ALIA ?
Q-3 WHAT IS AUDIT TRAIL ?
Q-4 WHAT IS SUBSTANCE OVER FORM ?
Q-5 WHAT IS AMORTISATION ?
PLZ REPLY SOON ITS URGENT QUERIES
8 Replies
GAYATHRI RAM
(CA FINAL)
(94 Points)
Replied 05 May 2010
I'l try to answer some of ur queries
The literal meaning of "inter alia" is "among other things." This phrase indicates that the writer or speaker is referring to only one (or more) of several things, not an exhaustive list of all of them.
AUDIT TRAIL - A set of records that collectively provide documentary evidence of processing used to aid in tracing from original transactions forward to related records and reports, and/or backwards from records and reports to their component source transactions.
When an entity practice the Substance Over Form, it means that the financial statements reflect the financial reality of the entity (Substance) rather than the legal form of the transactions and events(Form) which underlie them.
Amortization means the paying off of debt in regular installments over a period of time or the deduction of capital expenses over a specific period of time (usually over the asset's life). More specifically, this method measures the consumption of the value of intangible assets, such as a patent or a copyright.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 08 May 2010
1.PROVISION REFERS TO PREVIOUS PREPARATION FOR ANY THING
2.PROVISO REFERS TO ' CLAUSE IN ANY AGREEMENT'.
3.INTER-ALIA MEANS AMONG OTHER THINGS
4.AUDIT TRAIL MEANS A PROCESS THAT WE CAN KNOW THE RESULTS OF A PROCESS FROM A PARTICULAR INPUT WITH FINAL OUTPUT.
5.SUBSTANCE OVER FORM IS ONE OF MAJOR CONSIDERATION OF ACCOUNTING.
IT MEANS THAT IT IS A SUBSTANCE AND NOT MERELY THE FORM WHICH SHOULD MATTER. THE ACCOUNTING TREATMENT AND PRESENTATION IN FINANCIAL STATEMENTS OF TTRANSACTIONS AMD EVENTS SHOULD BE GOVERNED BY THEIR SUBSTANCE AND NOT MERELY BY THE LEGAL FORM.
e.g. IN CASE OF FINANCE LEASE TRANSACTIONS, INCOME TAX ACT, 1961 ALLOWS THE LESSOR TO CLAIM DEPRECIATION SONCE THE LESSOR IS THE LEGAL OWNER. HOWEVER, AS 19 REQUIRES THE LESSEE SHOULD CAPITALISE THE ASSET AS , IN SUBSTANCE , THE LESSEE IS THE REAL OWNER. THUS IN INCOME TAX WE GO BY THE LEGAL FORM AS FAR AS THIS PARTICULAR EXAMPLE IS CONCERNED, BUT IN ACCOUNTING IT IS THE SUBSTANCE THAT MATTERS.
6. ANSWER GIVEN BY GAYATRI IS RIGHT REGARDING AMORTISATION
ALL THE BEST.
Ankit CA and CS
(Manager - Accounts)
(204 Points)
Replied 08 May 2010
Proviso - means exception to something.. when ever you will go through any act the word proviso will be used there...
and rest are answered.....correctly....
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 07 June 2010
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
