we are taking of USA Based Financial Service Company in India whose name is American Express. It is doing business in many countries. But its overall balance sheet shows in dollars. In India, its branch is showing all the items of balance sheet in Indian currency. If American Express starts to show all liabilities in India in dollar and all assets in Indian currency, it may be possible, balance sheet will no useful for interested parties and also show differences due to changes in the exchange rates.
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Unit of account means to show all the asset and liabilities
in one currency. It also means to show all the record on the basis of unique
currency. We know there are lots of MNC which are doing businesses in many
countries. So, it is sure there will be the transactions between two or more
countries.
It may be possible that MNC has taken loan from one country
and has given loan to other country. In this case if same MNC will show both
asset and liability in different currency, it may be risky for company and
other company which is dealing because currencies rate will always change.
Assets sometime show more and liabilities sometime show low or vice-versa. So,
best is to take one currency for showing both assets and liabilities.
We can explain Unit of Account with following two simple Examples.
First example
we are taking of USA Based Financial Service Company in India whose name is American Express. It is doing business in many countries. But its overall balance sheet shows in dollars. In India, its branch is showing all the items of balance sheet in Indian currency. If American Express starts to show all liabilities in India in dollar and all assets in Indian currency, it may be possible, balance sheet will no useful for interested parties and also show differences due to changes in the exchange rates.
we are taking of USA Based Financial Service Company in India whose name is American Express. It is doing business in many countries. But its overall balance sheet shows in dollars. In India, its branch is showing all the items of balance sheet in Indian currency. If American Express starts to show all liabilities in India in dollar and all assets in Indian currency, it may be possible, balance sheet will no useful for interested parties and also show differences due to changes in the exchange rates.
Second Example
Second example, we can take of SBI whose owner is Govt. of
India. Its total assets and liabilities in countries are showing in Indian
currency. Other side when we take the example of any branch for example its Japanese
branch, its all assets and liabilities will be in Japanese currency yen.
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- access
- account
- accountant
- Accounting
- accounting definitions
- accounting ebook
- Accounting education
- Accounting Education Ads Help
- accounting procedure
- accounting process outsourcing
- Accounting Software
- advance
- advertising
- africa
- Amalgamation
- amendments
- Amortization
- announcements
- Annuity
- assets
- audit
- auditing
- Australia
- B.Com.
- balance sheet
- bank
- Bank reconciliation
- banking
- basic accounting
- BBA
- benefits
- best
- bill
- black money
- blog
- bloggers
- book keeping
- bookkeeping
- Branch Accounting - full tutorial
- budget
- Budget variance
- business
- businessman
- CA
- calculator
- canada
- capital
- capital budgeting
- career
- cash
- cash book
- cash flow statement
- Chiense
- children
- china
- class
- coaching
- coins
- college
- commerce
- commerce students
- company
- computer
- computer accounting
- conference
- Contact vinod kumar
- Control Your Spending
- corporate accounting
- cost
- cost accounting
- cost center
- cost centre
- CPA
- credit
- credit card
- cs
- currency
- data
- Debit and credit
- debit cards
- debt
- debtor
- degree
- depletion
- depreciation
- Diwali Messages
- documents
- dollar
- domain
- Downloads
- Dubai
- e-accounting
- earning
- education
- Education Loans
- employee
- EPF
- ERP
- euromoney
- examination
- excel
- excise duty
- expenses
- factor of loan
- fans
- feature
- fifo
- FII
- fiji
- finacle
- finance
- Finance Journal Entries
- Financial
- financial accounting
- Financial Statements
- fire insurance
- flickr
- flow
- forensic
- forex
- formula
- france
- fraud
- free
- fun
- function
- fund
- GAAP
- GDP
- gdr
- germany
- gold
- goodwill
- goodwill accounting
- google apps
- google apps
- google base
- google buzz
- google calendar
- Google docs
- google finance
- google fusion tables
- google talk
- govt.
- GST
- guide
- health
- Hindi
- Hindi Language
- history
- holding company
- How to treat FBT in Tally 9
- HRA
- ICAI
- ICAWI
- ICICI Bank
- IFRS
- income
- income statement
- Income Tax
- India
- indian railway
- Indonesia
- inflation
- inflation accounting
- infographics
- information
- inspiration
- insurance
- insurance accounting
- Intangible
- interest
- international
- Internet
- Introduction of Tally 9
- inventory
- investment
- investment in Shares
- invoice
- IT
- Japan
- Job costing
- journal entries
- Journal Entries eBook Help
- Kalculate
- keyboard
- kuwait
- laptop
- law
- LBT
- learning
- lease
- lecture
- ledger
- leducation
- Leverage Analysis
- liabilities
- lifo
- loan
- logical point
- loss
- loss of profit
- M.Com.
- m.phil
- malaysia
- management accounting
- manual accounting
- manufacturing account
- market
- marketing
- mastercard
- material
- MBA
- MCA
- media
- migration
- mobile
- money
- ms word
- ms. excel
- multi currency in tally 9
- Multicurrency Accounting
- mutual fund
- national security
- new and sacrifice ratio
- new york times
- new zealand
- news
- NGO
- nonprofit-accounting
- North Georgia Mountains
- Notification
- NPV
- NSE
- odbc
- office
- oman
- online application
- online accounting
- Online Accounting Course
- otcei
- pakistan
- parents
- Partnership
- pay pal
- Personal Finance
- pie chart
- pie chart of income
- pnb
- podcast
- ppf
- presentation
- price
- privacy policy
- prof. vinod kumar
- profit
- profit and loss account
- project management
- provision
- purchase
- puzzles
- quickbooks
- Quote
- quotes
- quotes of svtuition
- rating agency
- ratio analysis
- RBI
- readers
- real estate
- rectification of errors
- remote control
- reports
- reserves
- responsibility accounting
- retirement
- revenue
- Revenue reserves
- review
- risk
- rupees
- salary
- sale
- SAP
- saudi arabia
- saving
- sbi
- scholarship
- school
- SEBI
- security
- service tax
- share
- share trading
- Shares
- shri lanka
- singapore
- sms
- social accounting
- society
- solution
- South Africa
- stock
- stock exchange
- structure
- student
- students
- study
- subsidiary company
- svtuition
- swiss bank
- tally
- tally 9
- Tally 7.2
- Tally 9
- Tally.ERP 9
- TallyPrime
- tanzania
- tax
- Tax Accounting
- TDS
- teacher
- teaching
- technology
- test
- testimonial
- testimonials
- thailand
- tips
- trading
- trading on equity
- transaction
- trend
- trial balance
- truthfulness
- tuition
- UAE
- UGC - NET Commerce
- UK
- United Arab Emirates
- university
- usa
- valuation
- VAT
- Video
- Voucher and vouching
- Wealth
- wikipedia
- working capital
- youtube
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