Accounting Education

Joint liability will come into existence when two or more people take loan together. They sign the loan agreement as co-signer. Creditor has right to get his loan from one or both together. Both will responsible for repay the loan.
If any one of partner borrowers will do any other agreement with lender, other his or her partner borrowers will bind same new agreement relating to repaying of loan of lender. Total liability of all the partners will be joint liability and if all are...

Accumulated deficit is the total net loss of business. If company's income is less than its expenses and losses, it will transfer to accumulated deficit account and same deficit will transfer to balance sheet. In balance sheet, it will deducted from...

Balance sheet and cash flow statement are both important financial statements which are very necessary for any corporate to make. At the end of the year, both statements are prepared to show correct financial health.
There are many differences between balance sheet and cash flow statements which we can explain on the basis of following points....

If you have known to prepare balance sheet of company, there will not be any difficulty of making the balance sheet of construction company because all company has to following Company law's rules and regulations.
In India, Indian company law 1956 applies. As per this, there is clear form which has to follow the construction company for making his balance sheet. If you are new accountant in construction company, you need to understand specific terms which is important...