Page 40 - IC26 LIFE INSURANCE FINANCE
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CHAPTER-9
COMPANY ACCOUNTS
UNIT : INTRODUCTION TO COMPANY ACCOUNTS
1. Meaning: A company-is a separate legal entity having perpetual succession with a distinct name
of its own and a common seal.
2. There are different types of companies
1. Statutory Compant
2. Government Company
3. Foreign company
4. Holding and Subsidiary Company
5. Registered Company
(i) Limited Company
(a) Public Company
(b) Private Company
(ii) Unlimited Company –
(a) Public Company
(b) Private Company
3. Accounting of company: The accounts of companies are kept on double entry system.
Fundamental concepts followed are:
(i) Accrual
(ii) Dual aspect
(iii) Going concern
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