Theoretical Framework (CA Foundation Principles of Accounting): Questions 15 - 28 of 50

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Question number: 15

» Theoretical Framework » Accounting Policies

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What does AS 1 of accounting standard state about disclosure of accounting policy?

Question number: 16

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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What is the difference between the term concepts and conventions?

Question number: 17

» Theoretical Framework » Accounting Standards

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Mention the accounting standards in India briefly?

Explanation

  • In India there are total of 32 accounting standards laid down by the ASB.
  • They are as follows:

Accounting standards in India

Brief title of the accounting standards in India with their numbers.

S. no

Number of Accounting Standard

Title of the accounting standard

1

AS 1

Disclosure of accounting… (230 more words) …

Question number: 18

» Theoretical Framework » Accounting Policies

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On what basis does a firm select a suitable accounting policy for itself?

Question number: 19

» Theoretical Framework » Meaning and Scope of Accounting

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Describe about the accounting cycle?

Explanation

  • Accounting cycle:

    A complete sequence of accounting process is known as accounting cycle. It usually begins with recording of business transactions and ends with the final accounts preparation. The day to day business activities are entered in business transactions. This transactions are took place in cyclic movement in continuous process.… (183 more words) …

Question number: 20

» Theoretical Framework » Accounting Standards

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Describe in Detail

What is the need to standardize accounting principles and policies?

Explanation

As every human varies in their thought process, every accountant may adopt different methods of accounting in preparing the financial statements. The financial statement includes:

  • Profit & loss account

  • Balance sheet

  • Cash flow statement

These are prepared to give a fair and true view of the organization to the users… (97 more words) …

Question number: 21

» Theoretical Framework » Meaning and Scope of Accounting

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What are the bases of Accounting?

Explanation

In common usage, we have three bases of accounting system namely:

  1. Cash basis
  2. Accrual or Mercantile basis

  3. Hybrid or Mixed basis
  • Cash basis:

    Under this system all incomes and expenses are considered when actually received and paid. The difference between total income and total expenses are represented as profit of… (202 more words) …

Question number: 22

» Theoretical Framework » Accounting Standards

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Who formulates the accounting standards in India?

Question number: 23

» Theoretical Framework » Accounting Standards

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What are the objectives of Accounting Standards?

Question number: 24

» Theoretical Framework » Valuation Principles, Accounting Estimates

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Discuss money as a measurement scale in accounting measurement?

Question number: 25

» 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: 26

» Theoretical Framework » Accounting Policies

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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: 27

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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What is meant by the term book keeping?

Question number: 28

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Describe in Detail

What are the steps involved in accounting a single transaction?

Explanation

  • The steps involved in accounting each and every transaction in the books of the firm as follows:

  • Identifying the business transactions which are in terms of monetary value and have supporting vouchers. This is the first process of accounting system and business transactions are identified from the source of documents.… (124 more words) …

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