CA Foundation Principles of Accounting: Questions 51 - 61 of 351

Get 1 year subscription: Access detailed explanations (illustrated with images and videos) to 351 questions. Access all new questions we will add tracking exam-pattern and syllabus changes. View Sample Explanation or View Features.

Rs. 750.00 or

Question number: 51

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

Short Answer Question▾

Write in Short

Do a provision and a contingent liability mean the same thing? Justify your answer.

Question number: 52

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

Short Answer Question▾

Write in Short

What is an accounting equation?

Question number: 53

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

Essay Question▾

Describe in Detail

What is meant by a compound journal entry?

Explanation

Every transaction that has been identified from the source documents, finds its place in the books of original entry namely the journal. A journal entry is passed in the journal for each and every transaction.

Sometimes a combined journal entry is passed for few transactions in the following cases such… (115 more words) …

Question number: 54

» Theoretical Framework » Accounting Standards

Short Answer Question▾

Write in Short

Who formulates the accounting standards in India?

Question number: 55

» Theoretical Framework » Accounting Standards

Short Answer Question▾

Write in Short

What are the objectives of Accounting Standards?

Question number: 56

» Theoretical Framework » Valuation Principles, Accounting Estimates

Short Answer Question▾

Write in Short

Discuss money as a measurement scale in accounting measurement?

Question number: 57

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

Describe in Detail

Explain the procedure of accounting while generating financial information.

Explanation

  • The steps of Accounting are:

Shows the Steps of Accounting

Shows the Steps of Accounting

Attributes and different steps are involved in the Accounting procedures.

  • Recording:

    The first step in the accounting process is to record the business transactions in systematic manner. In chronological order each and every transaction is recording during it occurs in… (169 more words) …

Question number: 58

» Accounting Process » Books of Accounts - Fundamental Errors

Short Answer Question▾

Write in Short

What is meant by compensating errors?

Question number: 59

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

Essay Question▾

Describe in Detail

Can we state deferred revenue expenditure and prepaid expenses as one and the same. Justify your answer

Explanation

No, we cannot state, deferred revenue expenses and prepaid expenses as one and the same. This is because of the following differences that exist between them:

Distinction between prepaid expenses and deferred revenue expenditure

The basis on which deferred revenue expenditure differs from prepaid expenses

Basis of difference

Deferred revenue… (100 more words) …

Question number: 60

» Theoretical Framework » Accounting Policies

Essay Question▾

Describe in Detail

What is meant by accounting Policy?

Explanation

  • Every enterprise adapts its own accounting principles and methods and applies the same in the preparation of its financial statements. Such accounting procedures and methods adopted by the enterprise is called as Accounting policies.

What is accounting policy?

What Is Accounting Policy?

Meaning of accounting policy with examples.

  • These accounting policies differ from organization… (53 more words) …

Question number: 61

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

Essay Question▾

Describe in Detail

At the end of the accounting period 31st December 2015, Jackson Ltd, had assets of Rs. 16, 00, 000 and liabilities of Rs. 7, 00, 000.

Using the accounting equation, you are required to find out

(a) The owner’s equity as on 31st December 2015 and

(b) The owner’s equity as on 31st December 2016, assuming that the assets had increased by Rs. 2, 60, 000 and the liabilities had decreased by Rs. 50000 during that year

Explanation

(a) Accounting equation is

Assets = Liabilities + owner’s equity.

Rs. 1600000 = Rs. 700000 + owner’s equity

Owner’s equity = Rs. 1600000 – Rs. 700000

Owner’s equity = Rs. 900000

Image show the Accounting equation

Image Show the Accounting Equation

Different way in writing accounting equation.

(b) Let us first determine the change in… (76 more words) …

Sign In