CA Foundation Principles of Accounting: Questions 6 - 17 of 502

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Question number: 6

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

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State the differences between a liability and a contingent liability?

Question number: 7

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Discuss the going concern concept with an example?

Question number: 8

» Accounting Process » Books of Accounts - Contingent Assets and Liabilities

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What is meant by the term contingent liability?

Question number: 9

» Accounting Process » Books of Accounts - Fundamental Errors

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What is meant by the term error of commission?

Question number: 10

» Accounting Process » Books of Accounts - Fundamental Errors

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Mention the types of errors that take place during the accounting process?

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Question number: 11

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

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How will you classify the following expenses?

  1. Inauguration expenses incurred in the opening of a new showroom

  2. Voluntary retirement compensation paid to workers

  3. Foreign travel expenses in connection with purchase of machinery

  4. Lawyer’s fees paid to defend a case relating to the ownership of land

Question number: 12

» Theoretical Framework » Accounting Standards

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What is the meaning of convergence?

Question number: 13

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

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Differentiate between capital and revenue receipts?

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Question number: 14

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

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Describe the classification of accounts briefly?

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Question number: 15

» Theoretical Framework » Accounting Standards

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Who are the users of the financial reports?

Question number: 16

» Theoretical Framework » Accounting Standards

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What is meant by the term accounting standard?

Question number: 17

» Theoretical Framework » Meaning and Scope of Accounting

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What are the objectives of accounting?

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