CA Foundation Exam > CA Foundation Notes > Mock Tests & Past Year Papers for CA Foundation > Principles and Practice of Accounting(Paper-1) - Nov 2022
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FAQs on Principles and Practice of Accounting(Paper-1) - Nov 2022 - Mock Tests & Past Year Papers for CA Foundation
| 1. What are the basic principles of accounting? |  |
Ans. The basic principles of accounting include the principles of consistency, relevance, reliability, comparability, and faithful representation. Consistency ensures that accounting methods and procedures are applied consistently over time. Relevance means that the information provided by accounting should be useful for decision-making purposes. Reliability ensures that the information is accurate and can be relied upon. Comparability allows for the comparison of financial information across different periods or companies. Faithful representation means that the information presented in the financial statements should reflect the economic substance of transactions.
| 2. What is the difference between cash basis and accrual basis accounting? | |
Ans. Cash basis accounting recognizes transactions when cash is received or paid. It does not consider when the actual revenue is earned or expenses are incurred. On the other hand, accrual basis accounting recognizes revenue when it is earned and expenses when they are incurred, regardless of when cash is received or paid. Accrual basis accounting provides a more accurate representation of a company's financial position and performance as it matches revenues with the expenses incurred to generate those revenues.
| 3. What is the purpose of the income statement in accounting? | |
Ans. The income statement, also known as the profit and loss statement, is a financial statement that shows a company's revenues, expenses, and net income or loss over a specific period of time. The purpose of the income statement is to provide information about a company's profitability and its ability to generate income from its operations. It helps stakeholders, such as investors and creditors, assess the financial performance of a company and make informed decisions.
| 4. What is the accounting equation and how is it used in financial statements? | |
Ans. The accounting equation is the fundamental equation in accounting, which states that assets equal liabilities plus equity. It is used to ensure that the financial statements are balanced and accurate. In financial statements, the accounting equation is used to prepare the balance sheet, where assets are listed on one side, and liabilities and equity are listed on the other side. The equation helps to maintain the balance between the resources owned by the company (assets) and the claims against those resources (liabilities and equity).
| 5. What is the purpose of the statement of cash flows in accounting? | |
Ans. The statement of cash flows is a financial statement that shows the cash inflows and outflows of a company over a specific period of time. Its purpose is to provide information about the cash generated and used by a company's operating, investing, and financing activities. The statement of cash flows helps stakeholders assess a company's ability to generate cash, meet its financial obligations, and invest in future growth. It also provides insights into the company's liquidity, solvency, and overall financial health.
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