Transcription of ACCOUNTING STANDARDS BASED QUESTIONS - …
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ACCOUNTING STANDARDS BASED QUESTIONS - …
ACCOUNTING STANDARDS BASED QUESTIONS AS-1 question Explain the areas in which different ACCOUNTING policies may be followed? ANSWER The following are examples of the areas in which different ACCOUNTING policies may be adopted by different enterprises. Methods of depreciation, depletion and amortisation Treatment of expenditure during construction Conversion or translation of foreign currency items Valuation of inventories Treatment of goodwill Valuation of investments Treatment of retirement benefits Recognition of profit on long-term contracts Valuation of fixed assets Treatment of contingent liabilities question Explain the disclosure requirements of AS-1? ANSWER All significant ACCOUNTING policies adopted in the preparation and presentation of financial statements should be disclosed. The disclosure of the significant ACCOUNTING policies as such should form part of the financial statements and the significant ACCOUNTING policies should normally be disclosed in one place.
ACCOUNTING STANDARDS BASED QUESTIONS AS-1 QUESTION ... Also a note should be given in the annual accounts that, had the company followed
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