CA UPDATES
The Companies (Amendment) Act, 2020 – CA Inter Law Question Bank BE it enacted by Parliament in the Seventy-fIrst Year of the Republic of India as follows: short title and commencement1. (1) This Act may be called the Companies (Amendment) Act. 2020.(2) It shall come into force on such date as the Central Government may, […]
Interpretation of Statutes, Deeds and Documents Question 1.What is a Document as per the Indian Evidence Act, 1872? (May 2018, 2 marks)Answer:Document as per Indian Evidence Act, 1872:According to Sec. 3 of the Act document means any matter expressed or described upon any substance by means of letters, figures or marks or by more than […]
The General Clauses Act, 1897 Question 1.What Is the Object of the General Clauses Act, 1897?Answer:The General Clauses Act, 1897 contains ‘definitions’ of some words and also some general principles of interpretation. This is an Act intends to provide general definitions which shall be applicable to all Central Acts and Regulations where there is no […]
The Negotiable Instruments Act, 1881 – CA Inter Law Question Bank Question 1.Define a Bill of Exchange. In what respect does ¡t differ from a cheque. (May 1998, 6 marks)ORPoint out the differences between a Cheque” and a “Bill of Exchange” under the Negotiable Instruments Act, 1881. (May 2011, 8 marks)Apswer:According to Section 5 of […]
Indian Contract Act, 1872: Indemnity and Guarantee – CA Inter Law Question Bank Question 1.Answer the following:Define a contract of Indemnity and State the rights of the indemnity holder when sued. (Nov 1998, 5 marks)ORBriefly answer of the following:What are the rights of an indemnity-holder, against the indemnifier in a contract of indemnity? (May 1999, […]
Indian Contract Act, 1872: Agency – CA Inter Law Question 1.Distinguish between:An agent and a servant. (May 2001, 5 marks)Answer:Distinguish between an agent and a servant Basis An agent A servant 1.Meaning An agent is a person employed to do any act for another or to represent another in dealing with third parties. A […]
AS 3: Cash Flow Statements – CA Inter Accounts Study Material Question 1.X Ltd., a non-financial company has the following entries in its Bank Account. It has sought your advice on the treatment of the same for preparing Cash Flow Statement.(i) Loans and Advances given to the following and interest earned on them: (!) […]
AS 1: Disclosure of Accounting Policies Fundamental Accounting Assumptions (Based On Para Nos. 9, 10 And 27) Question 1.A limited has sold its building for ₹ 50 lakhs and the purchaser has paid the full price. The Company has given possession to the purchaser. The book value of the building is ₹ 35 lakhs. As […]
Accounting Standards-Applicability of AS What Are As? What Are The Advantages/Benefits Question 1.What are Accounting Standards? Explain the issues, with which they deal. (4 Marks) (November 2017)Answer:Accounting Standards (ASs) are written policy documents issued by expert accounting body or by government or other regulatory body covering the aspects of recognition, measurement, presentation and disclosure of […]
Framework for Preparation and Presentation of Financial Statements Question 1.Briefly define the Fundamental Accounting Assumptions? (Nov 2017, 4 marks) [IPCC Gr. II]Answer:Fundamental Accounting AssumptionsAs per the Framework on Preparation and Presentation of Financial Statements, there are three fundamental accounting assumptions: Going Concern, Accrual Basis and Consistency. ECPGURGAON.COM 1. Going Concern Financial statements are normally prepared […]