02-15-2008, 05:12 PM
Dear,
Definition of what we get is debited and what we lose is credited is wrong as it shows one picture of the situation only.
If you are a student of CA or other professional body, I would like to refer you to the framework of IFRSs issued by IFAC /IASB.
Read it completely, carefully and comprehenisvely.
Your understanding would improve.
However, if you have posted this question for the sake of fun, then it does not need any comments, as it is a self assumed definition.
Don't much follow the definitions of those M. Com teachers who taught you guys in B. Com. They, in fact, personally don't know much about accontancy, in professional meanings.
Best regards,
KAMRAN.
Definition of what we get is debited and what we lose is credited is wrong as it shows one picture of the situation only.
If you are a student of CA or other professional body, I would like to refer you to the framework of IFRSs issued by IFAC /IASB.
Read it completely, carefully and comprehenisvely.
Your understanding would improve.
However, if you have posted this question for the sake of fun, then it does not need any comments, as it is a self assumed definition.
Don't much follow the definitions of those M. Com teachers who taught you guys in B. Com. They, in fact, personally don't know much about accontancy, in professional meanings.
Best regards,
KAMRAN.
