Theoretical Framework-Accounting Concepts, Principles and Conventions (CA Foundation Principles of Accounting): Questions 1 - 12 of 16

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Question number: 1

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Discuss the going concern concept with an example?

Question number: 2

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Can book keeping and accountancy be called as one and the same? State reasons for your answer.

Question number: 3

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Explain the business entity concept with an example.

Question number: 4

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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What conditions are to be satisfied by an accounting principle?

Question number: 5

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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What is the difference between the term concepts and conventions?

Question number: 6

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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What is meant by the term book keeping?

Question number: 7

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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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) …

Question number: 8

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Why the accrual concept is considered as important to know the true financial position of a firm?

Question number: 9

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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How can the accounting principles be classified?

Explanation

The accounting principles can be classified as

  • Accounting concepts

    • Separate entity concept

    • Going concern concept

    • Accounting period concept

    • Money measurement concept

    • Dual aspect concept

    • Cost concept

    • Matching concept

    • Realization concept

  • Accounting conventions.

  • Convention of consistency

  • Convention of materiality

  • Convention of full disclosure

  • Convention of conservatism

General Accepted Accounting Principles

General Accepted Accounting Principles

Classification… (5 more words) …

Question number: 10

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Why should a business follow the convention of consistency?

Explanation

  • The convention of consistency states that any business should continuously adopt the same accounting method used in the first year in the subsequent years to come too. There should not be any changes made in the accounting methods every year.

Shows the Types of consistency in Accountancy

Shows the Types of Consistency in Accountancy

E. L Kohler… (69 more words) …

Question number: 11

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Mr. Kamal sold goods to Mr. Vikas for cash Rs. 25000. Show how Mr. Kamal and Mr. Vikas would record the transaction in their books according to the dual aspect concept.

Question number: 12

» Theoretical Framework » Accounting Concepts, Principles and Conventions

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Mention features of Accounting Principles.

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