Theoretical Framework (CA Foundation Principles of Accounting): Questions 49 - 50 of 50

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Question number: 49

» Theoretical Framework » Valuation Principles, Accounting Estimates

Short Answer Question▾

Write in Short

Why do we have to know about accounting estimates?

Question number: 50

» Theoretical Framework » Accounting Concepts, Principles and Conventions

Essay Question▾

Describe in Detail

Explain meaning and nature of Accounting Principles.

Explanation

Accounting is known as language of business. Certain accounting principles are followed for accounting a business transaction. The generally accepted principles were framed from common experiences of:

  • Accountant

  • Historical precedents

  • Regulations of government agencies

  • Statements from professionals’ bodies.

    These professional bodies include:

  • The institute of Chartered Accountants of England and… (87 more words) …

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