Accounting is the pillar of every company to measure its growth, loss, revenue , capital, its really specify the real terms in foam of figures and sometimes in tables, in accounting there are certain rules are obtained to make more accuracy while playing with figures.
To apply and the all ‘ rules of game‘of an business we taking an aviation company known as “Jet Airways” before we get into, here are some intro points about this company.
Jet Airways was found in 1st April 1992 by Mr. Naresh Goyal and they started their operation after one year may 5th 1993, Jet began international operations from Chennai to Colombo in March 2004. The company was listed on the Bombay Stock Exchange
Jet airways India’s second major airline in terms of market shares after Indigo airlines based at Mumbai known as India’s economic capital in addition to being its India’s widest network with 3000 flights a day with 76 destinations worldwide, main operations are handle from Mumbai but secondary hubs are Delhi (Nation Capital of India) Kolkata and Bangalore, It has an international hub at Brussels Airport, Belgium.
Naresh Goyal, the founder Chairman of Jet Airways, India’s premier airline, has over 4 decades of experience in the Civil Aviation industry.
After graduating in commerce in 1967. Mr Goyal begin his travel business with GSA for Lebanese international airline, himself chairman holding 80% of company shares.
Currently this airline running with six boards of directors:
1. Mr. Javed Akthar
2. Mr. Iftikar M. Kadr
3. Mr. Aman Mehta
4. Mr. James Hogan
5. Mr. Gaurang Shetty
6. Mr. James Rigney
After an overview of jet airways now we mould its ratios and figures:
Accounting Principles & Standards:
Accounting principles are main consideration , certain standards like rules of operations are pillar characteristicis to built accounting statements. Accounting principles can be presented in many ways, sometimes its create confusion for readers mainly for beginners, but still acoounting principles are main tool to obtained financial statements. Its hold the whole acoounting process together.
In order to make useful, there are some characteristics such as being practical and dependable. As a dependable for it must be acurate, unbiased and verifiable and practically accounting information must be compareable, prepared in a time frame, user friendly, consistent and able to differentiate.
In accounting beside these characteristics, certain operational rules are obtained are following:
• How a firm matched their revenue with expenses
• At what time expenses are revenue has been reported