Theoretical Framework-Accounting Policies (CA Foundation Principles of Accounting): Questions 1 - 9 of 9

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Question number: 1

» Theoretical Framework » Accounting Policies

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What is the difference between accounting assumptions and accounting policies?

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Question number: 2

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In what cases can a firm bring about a change in its accounting policy?

Question number: 3

» Theoretical Framework » Accounting Policies

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What are the disclosure requirements in case of change in the accounting policy?

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Question number: 4

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

Question number: 5

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

Question number: 6

» Theoretical Framework » Accounting Policies

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What is meant by accounting Policy?

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Question number: 7

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How does a change in the accounting policy affect the financial statement?

Question number: 8

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

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Question number: 9

» Theoretical Framework » Accounting Policies

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

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