08 October 2013
According to my personal experience of doing the audit of school following policies of accounting- Accrual system will be followed to record the transaction in the books of accounts, it may be in the form of tally or any other software. It Consists income heads such as Tuition fees, Exam fees ,Income from investment in fix deposit, other income such as issuance of duplicate ids, TC fees & many more Expense head mainly consist staff salary. Books accounts & registers prepared as per the requirement .
08 October 2013
At present, there is no uniform accounting method some institutions follow the traditional cash basis method, the rest the accrual system.
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