Finance Funda - 1
Published by Aakarsh under Personal Notes on Monday, November 07, 2005
Balance Sheet :
The final outcome, after some Shit, given to us, is classified in order to strike a balance between both sides considered for classification.
Generally, the shit involves data with numbers.
Origin: Originally used phrase is "balance Shit"...since it involves a tedious proceedure, many accountants elongated the shit to sheet, which is currently in vogue.
The final outcome, after some Shit, given to us, is classified in order to strike a balance between both sides considered for classification.
Generally, the shit involves data with numbers.
Origin: Originally used phrase is "balance Shit"...since it involves a tedious proceedure, many accountants elongated the shit to sheet, which is currently in vogue.
12 comments:
Hey Kamal....you know me from the IR yahoo groups too. What are you studying?....U seem to be into finance & accounts.
Balancing the shit is quite an art I guess...but hey...you must have heard of the 'Suspense account' that is full of shit that can be piled to make things balance.
Surya,
i am doing masters in Finance.
and yes, i havent mastered that one yet.Suspense account does come handy to me, as you said. stay tuned, more fundas will be put up.
This post needs to be printed and circulated in every college offering "commerce"...so that naive anti-MPC/BPC creatures like me would know better!!
goodwill a/c-(look at the name...sounds so benign) was a pain in the neck!
but the one thing that was fun in "kaamarss" class was the way our lady wud go "creditaars/deptaars"!!to top it all she would lisp as well...so,it was a ro(lli)ckin affair!
I see. Well, I am a CA...so was curious. In my current job I am not so much into accounting as I am more into management/internal audit looking at processes...but yes...debits and credits are always at the back of my mind.
During my CA and other exams....I rarely used to practice the accounting problems like most others...just tried to understand the logic behind things...and explain it in the exams...it worked most of the time even when I do not get to a perfectly balanced sheet or answer.
Once in real world....one will also realize how much of an 'art' accounting is...as much as it is a mathematical process. No wonder we have all these happenings like Enron and Worldcom .
a small doubt, do two -ves make a +ve in accounting?
- as in "i aint know no accounting shit maan"
Accounting does not multiply or divide ....just adds/subtracts.
You now know enough accounting with this.....
Accountable talks eh!
Found this...
http://www.econlib.org/library/Columns/y2005/Coxequation.html
Excellent story about boring 'yawn' economics!!
Vidyanath,
hough i will check that link later, i can vouch that Economics is a better subject than accounting.Atleast it is thought-provoking...
not in vasavi college of engineering! us production guys had accounting/economics right after the lunch break...and our little canteen's Rs 5 biryani and Rs 2 chai almost always (whenever i was actually in the classroom at that time) put me to the soundest sleep :D
nothing against the subjects...a lot of credit is due to the teachers...
thank heavens i read out sketchy self's almost believable bit before dealing wid its previous comment...
economics is the mostest bestest logicalestest study area...period.
sleepers beware!!
New perspective to Balance 'shit'
It is not merely to strike a perfect balance but also to express one's indepth knowledge in the 'shit' sorry 'balance shit'. These accountants who have this gifted ability to manupulate,show and feel the pride when they have spent hours of sleepless nights thinking and dreaming about a company's balance shit.
And in order to protect their work from other shit experts,have legalised the entire activity wherein the government also is forced to accept it. They have even formed an association to protect their bargaining power. Now which such a powerful status, accountants and the association have been into the activity of training young minds to pursue a serious career in analysis and preperation of balance 'shit'. The course which is considered very complicated and highly standardised with nation wide acceptance.
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