cs foundation syllabus-theoretical Framework – Test 4

As per______if the accountant is faced with the choice between two methods of valuing an asset the accountant should choose a method which leads to the lesser value

Provision for bad debts in respect of doubtful debts are made due to-

Closing stock in hand valued at lower of cost or market value due to-

The concept of conservatism when applied to the balance sheet results in-

Which of the following is an accounting convention?

As per convention of conservatism, if the accountant is faced with the choice between two methods of valuing________, the accountant should choose a method which leads to the lesser value.

Closing stock is valued at market price orr cost price whichever is less as per-

_______principle requires that the same accounting method should be used from one accounting period to the next.

Which of the following is not an accounting convention?

Which of the following practices is not in consonance with the convention of conservatism?

Accounting Standards (ASs) are written policy documents may be issued by-
X. Expert accounting body
Y. Government
Z. Other regulatory body
Select the correct answer from the options given below-

Accounting standards are-

Accounting standards cover the aspects of _______ of accounting transactions in the financial statements.

In India Accounting standards are issued by-

Accounting standards are issued for the purpose of-

The Institute of Chartered Accountants of India (ICAI) constituted the _______, with a view to harmonizing the diverse accounting policies and practices in use in India.

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on_______, with a view to harmonizing the diverse accounting policies and practices in use in India.

The ICAI so far has issued _________accounting standards.

Accounting standards are issued for the purpose of-

AS-3 deals with ……..

AS-11 deals with ………

_________refer to the specific accounting principles and the methods of applying those principles adopted by the enterprise in the preparation and presentation of financial statements.

Accounting policies followed by organizations-

When a change in accounting policy is justified?

It is essential to standardize the accounting principles and policies in order to ensure-