Theoretical Framework-Accounting Concepts, Principles and Conventions (CA Foundation Principles of Accounting): Questions 13 - 16 of 16

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Question number: 13

» 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: 14

» 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: 15

» 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) …

Question number: 16

» 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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