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/ GOVERNMENT OF INDIA, MINISTRY OF PORTS, SHIPPING AND WATERWAYS, DIRECTORATE GENERAL OF SHIPPING, MUMBAIDIRECTORATE GENERAL OF SHIPPING STANDARD OPERATING PROCEDURES TO HANDLE MARINE CASUALTY 2021___9,

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How to fill out compendium of accounting classification

01

Gather all financial transactions related to the business.

02

Identify the main categories for classification such as assets, liabilities, equity, revenue, and expenses.

03

Assign each transaction to the appropriate category based on its nature and purpose.

04

Ensure that each transaction is accurately recorded and classified following the established accounting standards.

05

Regularly review and update the compendium to reflect any changes in the business operations or accounting regulations.

Who needs compendium of accounting classification?

01

Business owners and managers who want to have a clear understanding of their financial position.

02

Accountants and financial analysts who need to analyze and interpret financial data.

03

Investors and creditors who rely on accurate financial information to make informed decisions.

04

Government agencies and regulatory bodies that require standardized classification of financial transactions for reporting purposes.

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What is compendium of accounting classification?

Compendium of accounting classification is a document that categorizes and organizes financial transactions based on specific accounting standards.

Who is required to file compendium of accounting classification?

All businesses and organizations that are subject to specific accounting regulations are required to file a compendium of accounting classification.

How to fill out compendium of accounting classification?

To fill out a compendium of accounting classification, one must categorize each financial transaction according to the appropriate accounting standards and guidelines.

What is the purpose of compendium of accounting classification?

The purpose of compendium of accounting classification is to provide a standardized way to organize and report financial information for regulatory and decision-making purposes.

What information must be reported on compendium of accounting classification?

The information reported on a compendium of accounting classification includes details of all financial transactions, categorization of income and expenses, and compliance with accounting standards.

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