Theoretical Framework-Accounting Standards (CA Foundation Principles of Accounting): Questions 1 - 11 of 11

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Question number: 1

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What is the meaning of convergence?

Question number: 2

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Who are the users of the financial reports?

Question number: 3

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What is meant by the term accounting standard?

Question number: 4

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What are the advantages of setting accounting standards?

Question number: 5

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How does the ASB formulate accounting standards?

Explanation

The ASB follows the following steps in formulating the accounting standards.

  • Areas requiring the need for accounting standards are identified

  • Various groups assist the ASB in preparing the preliminary draft and a meeting is held

  • After many considerations the draft is presented to the council and public as a exposure… (55 more words) …

Question number: 6

» Theoretical Framework » Accounting Standards

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Mention the accounting standards in India briefly?

Explanation

  • In India there are total of 32 accounting standards laid down by the ASB.
  • They are as follows:

Accounting standards in India

Brief title of the accounting standards in India with their numbers.

S. no

Number of Accounting Standard

Title of the accounting standard

1

AS 1

Disclosure of accounting… (230 more words) …

Question number: 7

» Theoretical Framework » Accounting Standards

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What is the need to standardize accounting principles and policies?

Explanation

As every human varies in their thought process, every accountant may adopt different methods of accounting in preparing the financial statements. The financial statement includes:

  • Profit & loss account

  • Balance sheet

  • Cash flow statement

These are prepared to give a fair and true view of the organization to the users… (97 more words) …

Question number: 8

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Who formulates the accounting standards in India?

Question number: 9

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What are the objectives of Accounting Standards?

Question number: 10

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What are the issues dealt by the accounting standards?

Question number: 11

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Are the accountings standards free from limitations? State reasons for your answer?

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