Accounting Transactions and Accounting Policies - 2231 Words

DETAILED OVERVIEW OF ACCOUNTING TRANSACTIONS AND ACCOUNTING POLICIES FOLLOWED BY TVS SONS LIMITED PETTY CASH VOUCHERS (PCV) When it is a petty cash voucher it refers to petty expenses, in TVS SONS it includes Reimbursement of travelling expenses incurred by the supplier, Mobile charges, Xerox expenses, expenses incurred for Marriage functions, Cost of tender document purchase, Receiving and Delivery (RD) charges and Courier charges. The following are some of the items that are found in these vouchers. ï  ¶ Employee code ï  ¶ Employee name ï  ¶ Branch name and Date of billing ï  ¶ Place and Purpose of journey ï  ¶ Start date and time ï  ¶ Return date and time ï  ¶ Boarding allowance ï  ¶ Lodging expenses ï  ¶ Vehicle number ï  ¶ Travelling by own/others ï  ¶ Number of kilometre ran along with the appropriate rates ï  ¶ Any other expenses ï  ¶ Account number ï  ¶ Mobile number ï  ¶ Number of calls made ï  ¶ Number of hours/ minutes used along with the appropriate rates ï  ¶ SBU and Function ( Sale or Service) All these details should be disclosed with the bill. If it is for travelling expenses, all the bills that are given during the journey should be disclosed. If it is for mobile expenses, mobile bill with respect to the company should be enclosed and so on for other expenses. CORPORATE AND EXPERTISE COST This indicates the cost incurred for President of the company, JMD of the company. In other words it is the cost incurred for higher authorities in TVS SONS. FUNCTION OVERHEAD Function overhead refers toShow MoreRelatedComparing the Gaap and Ifrs1051 Words   |  5 PagesIntroduction There have been proposals that have been working on with regard to the replacement of GAAP (Generally Accepted Accounting Principles) with IFRS (International Financial Reporting Standards) as used in the accounting and financial reporting aspects. Such convergence requires that the functions of the GAAP standards be added to the IFRS. The International Accounting Standards Board (IASB) developed the IFRS which is a less-detailed financial reporting system. This paper seeks to analyzeRead MoreSummary of Research for Accounting Changes and Error Analysis1143 Words   |  5 PagesSummary on Research for Accounting Changes and Error Analysis Companies have always faced issues of how to reflect changes in accounting methods and error corrections in financial statements. 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