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Section of accounting

Yogender Singh (40 Points)

11 January 2020

accounting is done under which section? can anyone tell?

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4 Replies

CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 11 January 2020

Generally accounting is done based on generally accepted accounting principles and practices. For bringing uniformity, accounting standards have also been introduced.
Hope query is resolved or please elaborate the query.

Regards

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Yogender Singh (40 Points)
Replied 11 January 2020

What I meant with the question was , is there any specific section in companies act or any other acts which exclusively says that accounting is done in such a manner or what points are to be considered while doing accounting just like section 10 of "exemption" of income tax act or any other sections of any other acts?

CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 11 January 2020

No, there is no such type of section in any act which says accounting is to be done this way. Some acts say only for keeping accounts in the specified manner for specific purpose only.