Accounting is an important tool in the hands of management. It helps the management of an organization to have control over its performance. The success of a business entity depends on the combined effects of four factors – land, labour, capital and management. The contribution of each factor has to be properly measured and then only the resultant performance of the entity can be properly evaluated. Accounting in a broad sense, is a tool adopted to measure the transaction, transformation, events, etc., usually involving money as a medium of exchange. At the end of accounting period financial statements are prepared. This study covers the Accounting Standard 1, 2, 3 practices and applicability in the Rittal India Pvt. Ltd is measured and concluded that the company reporting practices are highly transparent and practicing as per the ICAI guidelines.
Accounting standards, financial statements, Inventory
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