CA Foundation Principles of Accounting: Questions 74 - 83 of 502

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Question number: 74

» Theoretical Framework » Accounting Standards

Short Answer Question▾

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What are the issues dealt by the accounting standards?

Question number: 75

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Why should a business follow the convention of consistency?

Explanation

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Question number: 76

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Mr. Kamal sold goods to Mr. Vikas for cash Rs. 25000. Show how Mr. Kamal and Mr. Vikas would record the transaction in their books according to the dual aspect concept.

Question number: 77

» Theoretical Framework » Valuation Principles, Accounting Estimates

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What are the three main elements of measurement?

Question number: 78

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

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State whether accounting is a science or an art.

Explanation

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Question number: 79

» Theoretical Framework » Accounting Standards

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Are the accountings standards free from limitations? State reasons for your answer?

Question number: 80

» Accounting Process » Books of Accounts - Capital and Revenue Expenditures

Short Answer Question▾

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State with reasons weather the following are capital or revenue in nature

  1. Overhauling expenses for second hand machinery purchased for use in business.

  2. Amount written off from the cost of fixed asset.

  3. Legal fees paid in connection with purchase of land

  4. Money paid to BSNL as security for installation of telephone lines in office premises

Question number: 81

» Accounting Process » Books of Accounts - Preparation of Trial Balance

Essay Question▾

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What is meant by the golden rules of accounting?

Explanation

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Question number: 82

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Mention features of Accounting Principles.

Question number: 83

» Theoretical Framework » Accounting Policies

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How does a change in the accounting policy affect the financial statement?

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