Can take the full advantage of technological advances like computer
What is the advantage of systems approach?
100
Venice,1581
When is the first professional organisation of accountants was founded?
100
1494
In which year Luca Pacioli published Double Entry Book Keeping?
100
Company law board, registrar of companies and Income Tax department.
Which are the regulatory agencies that are naturally interested in the operations of the business or company’s?
200
Suppliers of goods and services on credit, banks or financial institutions lending money and contractors.
Who all are the external users of accounting information?
200
Suppliers of goods and services on credit, banks or financial institutions lending money and contractors.
Who all are the external users of accounting information?
200
Stewardship function
Which is the function whose basic goal is to report on the resources and obligation of the entity to the owners?
200
arrears payable to workers as a result of revision of wages.
Give an example for prior period items.
200
Extraordinary item
Which is the item that is separately disclosed in the profit and loss statement?
300
Employees, Shareholders, Managers of business.
Which are the categories of persons who are interested in ascertaining the financial condition of business?
300
Providing depreciation, valuation of inventories, valuation of investments.
Which are the areas wherein different accounting policies can be adopted?
300
Financial condition of the business, decision making systems and Profitability
What are some of the things in business which would be of interest to an end-user?
300
ICAI
Who is issuing accounting standards in India?
300
To ensure proper understanding of financial statements, it is necessary that all significant accounting policies in the preparation and presentation of financial statements should be disclosed.
What are the requirements relating to disclosure of accounting policies?
400
Going concern concept, consistency, and accrual.
Which are the fundamental accounting assumptions?
400
Abnormal amounts of wasted materials, labour, storage costs,selling and distribution costs.
What are the certain costs excluded from the cost of inventories as per AS-2?
400
The accounting policies adopted in measuring inventories, The total carrying amount of inventories and its classification appropriate to the enterprise.
What are the disclosure requirements as per the As-2?
400
Contingency
What is the condition or situation which is determined only on the occurrence or non occurrence of one or more uncertain future events?
400
Assets= Liability + Capital
What is the basic equation of accounting?
500
Labour unions, stock brokers, chamber of commerce, trade associations and export agencies.
Who all are the representatives of external users of accounting information?
500
Systems approach of accounting.
What envisages that accounting as a component of an interactive operating system?
500
Luca Pacioli
Who published double entry book keeping for the first time?
500
1977
When was accounting standards board established in India?
500
The seller has transferred the property of goods to the buyer for a consideration.
When can revenue be recognised in the case of a transaction of sale of goods as per As 9?