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Secret Reserves
It has been defined as "any reserve which is not apparent on the face of the balance sheet". It is sometimes called "hidden reserve", or 'internal reserve' or 'inner reserve.' This reserve represents the surplus of assets over liabilities and capital. It does not appear in the ledger. The creation of secret reserves strengthens the financial position of the concern. Its financial position would be better than what it would appear on the face of the balance sheet. Secret reserve is created usually by joint stock companies especially banking, insurance and financial concerns.

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Achieving the Worklife Balance - It Is More Than Good Time Management.
The balance between work and family life is gaining more attention in Australia. Various articles are starting to appear and the media has picked it up as an issue to explore. Unions have adopted the issue as a major campaign point and both employers and governments are responding. Amongst full-time workers, the number of hours worked each week is being highlighted, particularly when significant numbers are working hours greater than the standard working week, which in Australia is a nominal 36-40 hours per week. A successful family/work life is dependent on finding the right balance, making the right choices and ensuring that you have the flexibility, systems and support to achieve the goals that you have set. It takes teamwork, perseverance and a lot of effort.
Trading and Profit and Loss Account
It is the summary of such accounts which effect the profit or loss of the concern. These are prepared by transferring from the trial balance all nominal accounts and accounts relating to goods by means of journal entries called 'closing entries'. All remaining accounts i.e. real and personal, relating to properties, assets, debtors and creditors are shown in the balance sheet. In order to know the overall picture of the effect of these accounts they are grouped at one place. Items' increasing profit (revenue) are put on one side (credit) and those decreasing profits (losses and expenses) un the other side (debit). The balance is either net profit or net loss. This income statement is normally divided into two parts - first part is called trading account.
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