1.

Asset
An asset is a resource with economic value that an individual, corporation or
country owns or controls with the expectation that it will provide a future
benefit. Assets are reported on a company's balance sheet and are bought or created
to increase a firm's value or benefit the firm's operations.

2.Amortization
Amortization is an accounting technique used to periodically lower the book value
of a loan or intangible asset over a set period of time. The term "amortization"
can refer to two situations. First, amortization is used in the process of paying
off debt through regular principal and interest payments over time. An amortization
schedule is used to reduce the current balance on a loan, for example a mortgage or
car loan, through installment payments. Second, amortization can also refer to the
spreading out of capital expenses related to intangible assets over a specific
duration � usually over the asset's useful life � for accounting and tax purposes.

3.Borrowings
To receive money from another party with the agreement that the money will be
repaid. Most borrowers borrow at interest, meaning they pay a certain percentage of
the principal amount to the lender as compensation for borrowing. Most loans also
have a maturity date by which time the borrower must have repaid the loan.
Borrowing occurs informally from family and friends, at the retail level through a
bank, and also on a large scale involving governments and institutional investors.

4.Capital work in progress

This terminology is used in accounting to label costs involved in the construction
of a large asset, such as a new building. While the building is under construction,
it�s recorded as work in progress, or WIP, rather than as a finished asset. Once
the building is complete, it will be recorded differently.

5.Cash equivalents
Cash equivalents are investments securities that are meant for short-term
investing; they have high credit quality and are highly liquid.
Cash equivalents, also known as "cash and equivalents," are one of the three main
asset classes in financial investing, along with stocks and bonds.

6.current assets
In accounting, a current asset is any asset which can reasonably be expected to be
sold, consumed, or exhausted through the normal operations of a business within the
current fiscal year or operating cycle (whichever period is longer). Typical
current assets include cash, cash equivalents, short-term investments etc.

7.Current liability
Current liabilities are a company's short-term financial obligations that are due
within one year or within a normal operating cycle.An example of a current
liability is money owed to suppliers in the form of accounts payable.

8.Current tax
Current year tax is the amount of tax payable that tax year. The span of time that
comprises a tax year depends on the accounting method used, but with some
exceptions all current year tax spans 52 or 53 weeks.

9.Deferred tax liabilities

A deferred tax liability is a tax that is assessed or is due for the current period
but has not yet been paid. The deferral comes from the difference in timing between
when the tax is accrued and when the tax is paid. A deferred tax liability records
the fact the company will, in the future, pay more income tax because of a
transaction that took place during the current period, such as an installment sale
receivable.
10.Depreciation
Depreciation is an accounting method of allocating the cost of a tangible or
physical asset over its useful life or life expectancy. Depreciation represents how
much of an asset's value has been used up. Depreciating assets helps companies earn
revenue from an asset while expensing a portion of its cost each year the asset is
in use.

11.Equity
Equity is typically referred to as shareholder equity (also known as shareholders'
equity) which represents the amount of money that would be returned to a company�s
shareholders if all of the assets were liquidated and all of the company's debt was
paid off.

12 .Equity share capital

Equity share capital refers to the portion of the company's money which is raised
in exchange for a share of ownership in the company.

13.Excise duties
An excise or excise tax (sometimes called an excise duty) is a type of tax charged
on goods produced within the country (as opposed to customs duties, charged on
goods from outside the country). It is a tax on the production or sale of a good.
This tax is now known as the Central Value Added Tax (CENVAT).

14.Financial assets
A financial asset is a liquid asset that gets its value from a contractual right or
ownership claim. Cash, stocks, bonds, mutual funds, and bank deposits are all are
examples of financial assets.

15.Intangible assets
An intangible asset is an asset that lacks physical substance; in contrast to
physical assets, such as machinery and buildings.

16.Inventories
Inventory is the term for the goods available for sale and raw materials used to
produce goods available for sale. Inventory represents one of the most important
assets of a business because the turnover of inventory represents one of the
primary sources of revenue generation and subsequent earnings for the company's
shareholders.

17.Joint ventures
A joint venture (JV) is a business arrangement in which two or more parties agree
to pool their resources for the purpose of accomplishing a specific task. This task
can be a new project or any other business activity.
In a joint venture (JV), each of the participants is responsible for profits,
losses, and costs associated with it.

18.Non-current asset
Noncurrent assets are a company's long-term investments for which the full value
will not be realized within the accounting year. Examples of noncurrent assets
include investments in other companies, intellectual property (e.g. patents), and
property, plant and equipment. Noncurrent assets appear on a company's balance
sheet.

19.Non current liabilities

Noncurrent liabilities are those obligations not due for settlement within one
year. These liabilities are separately classified in an entity's balance sheet,
away from current liabilities. Examples of noncurrent liabilities are:
* Long-term portion of debt payable
* Long-term portion of bonds payable

20.Operating revenues
Operating revenue is revenue generated from a company's primary business
activities. For example, a retailer produces revenue through merchandise sales, and
a physician derives revenue from the medical services he/she provides. What
constitutes operating revenue varies per business or industry.

21.Provision for tax

Provison for tax is the estimated amount that a business or individual taxpayer
expects to pay in income taxes for the current year. The amount of this provision
is derived by adjusting the reported net income of a business with a variety of
permanent
differences and temporary differences.

22.Purchases of stock in trade

Purchases of stock in trade, refers to all the purchases of finished goods that the
company buys towards conducting its business.

23.Remeasurement of defined benefit plans

defined-benefit plan guarantees a specific benefit or payout upon retirement. The
employer may opt for a fixed benefit or one calculated according to a formula that
factors in years of service, age, and average salary.

24.Trade payables
A trade payable is an amount billed to a company by its suppliers for goods
delivered to or services consumed by the company in the ordinary course of
business. These billed amounts, if paid on credit, are entered in the accounts
payable module of a company's accounting software, after which they appear in the
accounts payable aging report until they are paid. Any amounts owed to suppliers
that are immediately paid in cash are not considered to be trade payables, since
they are no longer a liability.

25.Trade receivables
Trade receivables are amounts billed by a business to its customers when it
delivers goods or services to them in the ordinary course of business. These
billings are typically documented on formal invoices, which are summarized in an
accounts receivable aging report. This report is commonly used by the collections
staff to collect overdue payments from customers. In the general ledger, trade
receivables are recorded in a separate accounts receivable account, and are
classified as current assets on the balance sheet if you expect to receive payment
from customers within one year of the billing date.