Archive for Academy

Final Accounts – Adjustments :: Demistified

There are many areas/topics in financial accounting that are not understood in the way they should be, thus making the students mark the topics typical, difficult etc.

Final Accounting is one such topic. We tried our best to demistify the idea behind final accounting and the idea behind what is considered the typical area … adjustments.


Team FutureAccountant

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CA New Syllabus

The new syllabus of the Institute of Chartered Accountants of India is being brought into effect from the 1st of September and the entry level examination is to be held in November 2006 for the first time.

Students can register for the entry level course right after their 10th standard but are allowed to appear in the examination only after appearing in their 10 + 2 exams.

CPT Common Proficiency Test

This entry level course is compulsory for all irrespective of their academic background.

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Jolts and Jinx

Dear All,

Those who might have been visiting this site after their initial visit might have noticed a stagnation in the activity for over a month. I do wish that users would understand the situation and excuse us for the same.

What we intend is a wonderful tool in the hands of the user. That is the vision for this site. We want it to provide what all a user needs in his/her pursuit to become the accountant for the future.

There are a number of utilities that we wish a web site of this sort should be providing. Putting all those in shape has taken us this time which is work we do from inside and during which time we seem to have become statues without doing any work….

We built in a menu structure for site navigation which we felt would be the most helpful tool to let the user move between the various sections of the pages.

Web Resources

We also designed a section for enabling users add links to web pages that they feel are useful under the “Web Resources” section. This we feel is an area that is to develop and grow with the contributions from users. Though we would be making efforts to build it, we wish users contribution would be far greater than what we can do.


There is a section for including useful information realting to various necessities for users like information relating to “Book Shops”, “Books”, “Coaching Centers”, “Examination Centers”, “Individual Tutors”, “Institutes Offices”. This section is open to all and any one who finds one of the above sections relevant to them may include their information free of cost in them.


We have started our efforts to build the most important area a section for conducting “Online-Classes”. We are employing a wonderful tool for this and we are confident that over a period of time we would be giving the users one of the best learning areas on the planet specifically relating to the accounting profession.

Doesn’t all these sound a lot of work….

Come on you can excuse us for not seeming to be active for the last one month….


Team FutureAccountant

at krishbhavara

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Posted Variance Analysis [Material Variances] Notes

After writing down the pages the first time, we had to remake, remake and remake the pages umpteen number of times, to refine the content so that it would be of use to the students.

Here it is the content for “Variance Analysis“.
Its completely different, go through it without fail.

The problem that we identify with this topic (which is branded tough, typical,… so on) with majority of the students is that they do not seem to have understood what it is actually. What variances mean, what information they provide, (one more proof that accounting is a tool that helps us in deriving information) how to understand the information and what conclusions to draw from the results.

We strongly believe that once this understanding is in place, it would sound like nothing. Very easy…

Somehow we just cannot ask the student to mug up a set of formulae and then think he/she has got proficiency in the topic. We strongly feel that the student needs to be in a position to apply the knowledge in problem solving and not in the knowledge of solutions to some problems based on a set of problems he/she already learnt (the so called models of problems).

We dont certify our work and say we did a good job, great job… and so on..
We wish the reader to say whatever he/she feels so that we can refine our content and make it more useful.

We eagerly look forward for both “Accolades” and “Brickbats”, something like the carrots and sticks that our management teachers/lecturers tell us about.

Team FutureAccountant
at krishbhavara

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Accounting process – Consignment Accounting

Basic Accounting Process

We have recently uploaded academic content relating to the basic accounting process. This content takes you through a small example situation making you understand the need for accounting and gives you an insight into the basics of accounting.

After going through the content you would appreciate the approach we have adapted to make the reader understand the fundamental concepts in accounting.

You would walk through the process of learning about concepts, conventions, the journal, ledger and the trial balance all in a short span with an understanding that would make you feel at ease.

These approaches are unique to us and we have derived this methodology of teaching accounting over a period of time. Its tested and proven method.

Its one of the best notes you can lay your hands on for learning accounting.

Consignment Accounting

Consignment accounting is partially complete. Even here we do take you through an example, which would make it easy for you to understand the consignment business and the various transactions that an accountant comes across in consignment accounting.

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