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Financial Reporting

Excellent commerce point > Financial Reporting
Disclosure of Accounting Policies
15
Oct

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 […]

Posted in: CA UPDATES , Uncategorized ,
Tags: accounting disclosure , Accounting Methods , accounting policies , Accounting Principles , Accounting Standards , Corporate Accounting , disclosure of accounting policies , Financial Reporting , Financial Statements , financial transparency ,
Accounting Standards-Applicability of AS
14
Oct

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 […]

Posted in: CA UPDATES ,
Tags: Accounting Guidelines , Accounting Principles , Accounting Regulations , Accounting Standards , Applicability of AS , AS Framework , AS in Accounting , AS Overview , Financial Reporting , Financial Statements , Indian Accounting Standards , Regulatory Standards , Standards in Accounting ,
Framework for Preparation and Presentation of Financial Statements
14
Oct

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 […]

Posted in: CA UPDATES ,
Tags: Accounting Framework , Accounting Framework Guide. , Accounting Principles , Financial Disclosure , Financial Reporting , Financial Standards , Financial Statement Preparation , Financial Statements , GAAP , IFRS ,
Income, Which Do Not Form Part Of Total Income​
08
Oct

Income, Which Do Not Form Part Of Total Income Question 1.Write a short note on the following:Provisions of Equalization levy as per the Finance Act. 2016. (June 2017, 5 marks)Answer:Provisions of equalization levy as per the Finance Act 2016:In terms of the recommendations of the committee on taxation of e-commerce constituted by the CBDT on […]

Posted in: CMA updates ,
Tags: Financial Reporting , income classification , income exclusions , income not included in total income , income types , non-taxable income , tax exemptions , tax rules , tax-free earnings , total income ,
FINANCIAL ACCOUNTING QUESTION ANSWERS ​
30
Sep

FINANCIAL ACCOUNTING QUESTION ANSWERS Accounting Fundamentals  Bills of Exchange, Consignment, Joint Venture  Preparation of Final Accounts of Commercial Organisations, Not-for-Profit Organisations and Incomplete Records Preparation of Financial Statements of Commercial Organisations  Preparation of Financial Statements of Not-for-Profit Organisations  Preparation of Financial Statements from Incomplete Records  Partnership Accounting  Lease Accounting  Branch (including Foreign Branch) and Departmental […]

Posted in: CMA updates ,
Tags: Accounting Concepts , Accounting Principles , accounting questions , accounting solutions , accounting study guide , bookkeeping , Financial Accounting , Financial Analysis , Financial Reporting , Financial Statements ,
Accounting Standards​
30
Sep

Accounting Standards Question 1.Write short note:Recognition of Govt. grants related to specific fixed assets (PPE). (June 2017, 4 marks)Answer:Recognition of Govt. grants related to specific fixed assets (PPE):Grants received specifically for fixed asset(PPE) is disclosed in the financial statement either(i) by way of deduction from the gross block of the asset concerned, thus granted recognized […]

Posted in: CMA updates ,
Tags: Accounting Principles , accounting rules , Accounting Standards , business transparency , compliance guidelines , Financial Reporting , Financial Statements , GAAP , IFRS , regulatory framework ,
Lease Accounting
18
Sep

Lease Accounting – CMA Inter Financial Accounting Question 1. Write short note:Operating Lease and Finance Lease (Dec 2017, 4 marks)Answer:Operating Lease and Finance LeaseA lease is an agreement whereby the lessor conveys to the lessee in return for a payment or sones of payments the right to use an asset for an agreed period of […]

Posted in: CMA updates , ICMAI ,
Tags: Accounting Basics , Accounting Concepts , Accounting Standards , AS19 , Commerce Students , Finance Lease , Financial Reporting , IFRS16 , Lease Accounting , Operating Lease ,