Get the free Form of Financial Statement - NCTE - ncte-india

FORM OF FINANCIAL STATEMENTS (NON-PROFIT Organizations) NATIONAL COUNCIL FOR TEACHER EDUCATION Wing-II, Hans Shawn, 1 Broader Shah Afar Mary, New Delhi 110 002 SCHEDULES FORMING PART OF THE ACCOUNTS

1 The following summarizes the significant accounting policies with regard to inventory. The items listed are the only ones that affect the financial statements, and therefore they have to be presented. 2.2 The Inventory Valuation Depreciation of the Equipment is charged only to the deferred account on the consolidated statement of financial condition. The cost of Inventory is charged on the balance sheet depending upon the actual need for the item to be stored in the future (used for the original cost of the equipment) and on the current cost of storage and maintaining the Inventory in the Company's warehouse. 2.3 Purchase Accounting Inventory is charged on the balance sheet. The Company has charged for the original cost of the items to be acquired in the Company's current accounts. The cost of Items not considered as assets is expensed as incurred. 2.4 Contract Accounting The Company enters into contracts for supplies or services as a material or labor expense on the acquisition side of the balance sheet. If the customer uses the equipment for an indefinite period of time, the purchase of the supply is charged to the deferred account. If the customer uses the equipment for only a short period of time, the Company will account for the purchase as an operating expense and the cost of the supply is charged to the account receivable and other assets when incurred. Contract accounting is used when the equipment is considered a capital asset (as per the cost method of accounting). Where the Company is acquiring supplies or services that are to be used in the initial stages of its business, and it requires them for a small quantity of supplies and/or services, it may enter into a contract to secure the supply or service. Such contracts can be a useful tool in managing the inventory and related costs. For example, on a purchase price basis only, a manufacturer contracts its suppliers to provide the components of the first batch of a product which the Company subsequently wants to manufacture into a large batch of products. In such a situation, if the company does not yet have sufficient stocks or facilities to sell several hundred thousand units, the Company can sign a contract for a supply to be released a limited time before the manufacturing capacity of the suppliers is sufficient and/or when the customer expects the manufacturing capacity of the supplier to be expanded. This cost can be deferred as a liability of the supplier over a specified or indefinite period. However, if the Company does not intend to make any substantial sales in the subsequent periods, it can use a purchase accounting method. These forms of accounting are primarily used where the inventory is being acquired as a capital asset.

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The purpose of form of financial statement is to provide a standardized and transparent presentation of an organization's financial performance, position, and cash flows, enabling stakeholders, investors, regulators, and the general public to assess and analyze its financial health, make informed decisions, and ensure compliance with accounting principles and applicable laws.

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A form of financial statement typically requires the reporting of key financial information, including but not limited to the organization's assets, liabilities, equity, revenues, expenses, gains, losses, cash flows, related party transactions, contingent liabilities, and any additional disclosures or supporting notes as per the applicable accounting standards or regulatory requirements.

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