Accounting standards

What is mean by material and immaterial effect

What is mean by material and immaterial effect

Provision vs contingent liability

What is mean by prudence ,substance over legal form

When the economic resource outflow is remote/possible with a reliable measurement/ estimate becomes contingent

Prudence means to be careful in in implementing the accounting principles at all times.

Substance or form is the economic form of a transaction Ian more important than the legal form of it. Eg. if a company policy is to own a car only to transport employees, which is expensive than a single bus, you will purchase a bus. Here, in provisioning, you can create a provision irrespective of the legal form. 

What is mean by securities give some examples ,what actually it includes

Securities are financial instruments. They are measured at fair value. They can be both financial assets and financial liabilities. Bonds, mbs, mutual funds, reits 

What is mean by company limited by guarantee and limited by shares.

Limitited liability company- public company limited by guaranteed

Sundry creditor ,if I paid to my sundry creditor which side it will show debit side or credit side in ledger.

Sundry debtor,if I received my goods or cash from my debtor means which side it will show debit or credit .....

If I yet to receive means which side it will show