What is accounts principals what si TDS and GST what is BRS

Question

Accepted Answer

Accounts principles are the fundamental guidelines and rules that govern the preparation and presentation of financial statements.

Accounts principles provide a framework for recording, classifying, and reporting financial transactions.
They ensure consistency, comparability, and transparency in financial reporting.
Examples of accounts principles include the accrual basis of accounting, matching principle, and going concern principle.
TDS (Tax Deducted at Source) is a system in India where tax is deducted at the time of making certain payments such as salaries, rent, or professional fees.
GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. It replaced multiple indirect taxes like VAT, excise duty, and service tax.
BRS (Bank Reconciliation Statement) is a statement that compares the bank balance as per the company's records with the bank statement balance to identify any discrepancies or errors.

Accepted Answer

Personal account real account nominal accurate tax distribution source goods services tax

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