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Page 1 Section A Chapter 1 Unit - 4 CA.S.S.Prathap Page 2 Section A Chapter 1 Unit - 4 CA.S.S.Prathap Page 3 Section A Chapter 1 Unit - 4 CA.S.S.Prathap A. comply with accounting standard B. comply with law C. ensure more appropriate presentation of financial statements D. All of the above Answer: D Page 4 Section A Chapter 1 Unit - 4 CA.S.S.Prathap A. comply with accounting standard B. comply with law C. ensure more appropriate presentation of financial statements D. All of the above Answer: D A. Guideline Notes B. Accounting Standards C. AAS D. Both a & b Answer : B Page 5 Section A Chapter 1 Unit - 4 CA.S.S.Prathap A. comply with accounting standard B. comply with law C. ensure more appropriate presentation of financial statements D. All of the above Answer: D A. Guideline Notes B. Accounting Standards C. AAS D. Both a & b Answer : B A. are prescribed by AS – 1 B. Are laid down by law C. Are same for all concerns D. Change from concern to concern Answer : DRead More
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FAQs on MCQ - Accounting Policies - Accounting Introduction - Principles and Practice of Accounting - CA Foundation
| 1. What is the purpose of accounting policies? |  |
Ans. Accounting policies are guidelines and procedures that companies follow to ensure consistency and accuracy in their financial reporting. These policies help in making informed decisions, provide transparency to stakeholders, and comply with regulatory requirements.
| 2. How are accounting policies determined? | |
Ans. Accounting policies are determined based on various factors such as industry norms, regulatory requirements, and management's judgment. Companies may also consider the International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP) while formulating their accounting policies.
| 3. Can accounting policies be changed? | |
Ans. Yes, accounting policies can be changed if there is a valid reason for doing so. However, any changes in accounting policies need to be disclosed in the financial statements along with the impact on the financial results. These changes should be implemented consistently and should not be used to manipulate the financial statements.
| 4. What are some common examples of accounting policies? | |
Ans. Common examples of accounting policies include revenue recognition, inventory valuation (FIFO, LIFO, or weighted average cost), depreciation methods, treatment of intangible assets, and recognition of provisions and contingencies. These policies may vary across industries and companies.
| 5. How do accounting policies impact financial statements? | |
Ans. Accounting policies directly impact the presentation and measurement of financial information in the statements. Consistent and appropriate accounting policies ensure comparability between different periods and enable stakeholders to make meaningful comparisons. Inaccurate or unreliable accounting policies can misrepresent the financial position and performance of a company.
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