Questions

The English scientist Tim Berners-Lee invented the WWW in 1989. The World Wide Web, also known as the WWW and the Web, is an information space where documents and other web resources are identified by Uniform Resource Locators, interlinked by hypertext links, and accessible via the Internet.

The council of ministers is collectively responsible to House of the People. Cabinet collective responsibility, also known as collective ministerial responsibility, is a constitutional convention in Parliamentary systems that members of the cabinet must publicly support all governmental decisions made in Cabinet, even if they do not privately agree with them.

The first municipal corporation was set up in India in the year 1687 at Madras, preceding the Bombay and Delhi municipal corporations.

Financial Reporting involves the disclosure of financial information to the various stakeholders about the financial performance and financial position of the organization over a specified period of time. These stakeholders include – investors, creditors, public, debt providers, governments & government agencies.

Financial Reporting is very important and critical task of an organization. It is vital part of Corporate Governance.

The objectives & purposes of financial reporting :–

* Providing information to management of an organization which is used for the purpose of planning, analysis, benchmarking and decision making.

* Providing information to investors, promoters, debt provider and creditors which is used to enable them to male rational and prudent decisions regarding investment, credit etc.

* Providing information to shareholders & public at large in case of listed companies about various aspects of an organization.

* Providing information about the economic resources of an organization, claims to those resources (liabilities & owner’s equity) and how these resources and claims have undergone change over a period of time.

* Providing information as to how an organization is procuring & using various resources.

* Providing information to various stakeholders regarding performance management of an organization as to how diligently & ethically they are discharging their fiduciary duties & responsibilities.

* Providing information to the statutory auditors which in turn facilitates audit.

* Enhancing social welfare by looking into the interest of employees, trade union & Government.