Theoretical Framework (CA Foundation Principles of Accounting): Questions 41 - 48 of 50

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: 41

» Theoretical Framework » Accounting Policies

Essay Question▾

Describe in Detail

State a few examples where different accounting policies may be used by different firms while accounting their business transactions.

Explanation

Every firm follows different accounting policies as their business may require. Some of the instances where different accounting policies are followed by different firms are as given below:

  • Depreciation, depletion and amortization methods

  • Construction expenditure

  • Foreign currency conversion

  • Stock valuation

  • Goodwill treatment

  • Investment valuation

  • Retirement benefits

  • Treatment of contingent liabilities… (31 more words) …

Question number: 42

» Theoretical Framework » Accounting Policies

Short Answer Question▾

Write in Short

Does a wrong selection of accounting policy mislead the users of the financial report? State reasons for your answer.

Question number: 43

» Theoretical Framework » Meaning and Scope of Accounting

Essay Question▾

Describe in Detail

Describe about the various branches of accounting.

Explanation

  • One of the primary objectives of accounting is to provide information according to the needs of internal and external users. The following are the most important of the branches of accounting system:

Branches of accounting system

Branches of Accounting System

The important branches of accounting system

  • Financial Accounting:

    Financial accounting involves recording of financial… (175 more words) …

Question number: 44

» Theoretical Framework » Accounting Concepts, Principles and Conventions

Short Answer Question▾

Write in Short

Which accounting standard deals with the treatment of intangible assets?

Question number: 45

» Theoretical Framework » Accounting Concepts, Principles and Conventions

Short Answer Question▾

Write in Short

Identify the assumption in the following case:

  • When sales department sold goods worth Rs. 5, 00, 000.

  • A piece of land is purchased by C ltd. for Rs. 800000 and its market value is Rs. 1000000 at the time of preparing final accounts. The land value is recorded only as Rs. 800000.

  • The accounting period of the ABC ltd is 1 - 4-2016 to 31 - 3-2017.

  • A provision for doubtful debts is created at 5 % on Debtors and 2 % of discount on debtors.

Question number: 46

» Theoretical Framework » Valuation Principles, Accounting Estimates

Short Answer Question▾

Write in Short

Can accounting be stated as a measurement discipline? Justify your answer?

Question number: 47

» Theoretical Framework » Valuation Principles, Accounting Estimates

Short Answer Question▾

Write in Short

Discuss the 4 generally accepted valuation principles briefly?

Question number: 48

» Theoretical Framework » Accounting Concepts, Principles and Conventions

Essay Question▾

Describe in Detail

Describe about the classification of Accounting Concepts and Conventions.

Explanation

  • The Generally Accepted Accounting Principles are termed as Concepts or Conventions by some experts.

  • The general assumptions or an idea which are followed in practice of Accounting is known as Accounting Concepts. The Accounting Concepts are further subdivided into:

Sub division of accounting concepts

Sub Division of Accounting Concepts

Sub division of accounting concepts on… (90 more words) …

Sign In