Do You Know The Abbreviations Commonly Used in Accountancy?
Knowing
these frequent abbreviations will assist you while writing the Accountancy
assessments and will provide you a competitive side in Class 11 &12
Commerce.
After
Class 10, students who choose for courses in the Commerce stream have some new
topics to be studied as section of their curriculum. Bookkeeping and
Accountancy is such a concern which requires in-depth and targeted information
alongside with a lot of exercise to grasp standards in the syllabus.
The
preliminary chapters introduce the most simple and essential principles of a
specific subject, and therefore, it is vital to keep in mind all of these ideas
for the longest time possible. However, simply remembering the principles is no
longer enough. Why? Because Accountancy is a problem which entails a lot of
calculations, several statements and more than one procedures. So, whilst
getting ready for the Accountancy exams, students will now not only have to
understand the principles however will additionally have to totally exercise
the calculations and statements to entire their examination paper on time.
Subject-specific
abbreviations are generally used so that time spent on lengthy phrases is saved
and can be utilised some other place in the most superb manner. Knowing these
abbreviations will assist you whilst writing the tests and will provide you a
competitive benefit over others when working in the Accounting subject in the
future.
Let's appear at some abbreviations (along with their full forms)
which you need to recognize all about earlier than venturing into
the large and
unchartered Accountancy realm.
|
Abbreviation |
Full Form |
Abbreviation |
Full Form |
|
DR |
Debit |
NPAT |
Net Profit After
Tax |
|
CR |
Credit |
B/F |
Brought Forward |
|
A/C |
Account |
NPBT |
Net Profit Before
Tax |
|
BAL |
Balance |
C/D |
Carried Down |
|
C/F |
Carried Forward |
ROI |
Return on
Investment |
|
GP |
Gross Profit |
B/D |
Brought Down |
|
NP |
Net Profit |
FMP |
Future
Maintainable Profit |
|
GL |
Gross Loss |
JF |
Journal Folio |
|
NL |
Net Loss |
NRR |
Normal Rate of
Return |
|
BD |
Bad Debts |
LF |
Ledger Folio |
|
JV |
Journal Voucher |
DISC |
Discount |
|
AS |
Accounting
Standards |
GST |
Goods and
Services Tax |
|
TDS |
Tax Deducted at
Source |
IFRS |
International
Financial Reporting Standards |
|
GAAPs |
Generally
Accepted Accounting Principles |
CGST |
Central Goods and
Services Tax |
|
DRR |
Debenture
Redemption Reserve |
SGST |
State Goods and
Services Tax |
|
CAP |
Capital |
IGST |
Integrated Goods
and Services Tax |
|
IND-AS |
Indian Accounting
Standards |
CE |
Capital Employed |
|
WC |
Working Capital |
CL |
Current Liability |
Before taking up any new undertaking or work, you need to usually do a little lookup and then proceed. This helps in gaining information and self-assurance as nicely as ensures positive getting to know outcomes. Similarly, earlier than getting into the Accountancy stream,
having a clear concept of
these frequently used
abbreviations in the subject can make certain tremendous communication, one
which is free from error and confusion.
Remembering these abbreviations is of essential importance in order to successfully control examination time and score extra marks!
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