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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 Policies are based on various accounting concepts , principles , conventions and Accounting Standards Page 3 Section A Chapter 1 Unit - 4 CA.S.S.Prathap Policies are based on various accounting concepts , principles , conventions and Accounting Standards Accounting policies refer to specific accounting principles and methods of applying those principles Selection of an inappropriate accounting policy decision may understate / overstate the performance and financial position of a business entity Page 4 Section A Chapter 1 Unit - 4 CA.S.S.Prathap Policies are based on various accounting concepts , principles , conventions and Accounting Standards Accounting policies refer to specific accounting principles and methods of applying those principles Selection of an inappropriate accounting policy decision may understate / overstate the performance and financial position of a business entity There is no single list of accounting policies , which are applicable to all enterprises in all circumstances for enterprises operate in diverse and complex environmental situations and so they have to adopt different policies. Example : A software company cannot follow the same policies as a simple textiles trading company. Page 5 Section A Chapter 1 Unit - 4 CA.S.S.Prathap Policies are based on various accounting concepts , principles , conventions and Accounting Standards Accounting policies refer to specific accounting principles and methods of applying those principles Selection of an inappropriate accounting policy decision may understate / overstate the performance and financial position of a business entity There is no single list of accounting policies , which are applicable to all enterprises in all circumstances for enterprises operate in diverse and complex environmental situations and so they have to adopt different policies. Example : A software company cannot follow the same policies as a simple textiles trading company. Methods of Depreciation AS - 6 Valuation of Inventories AS - 2 Valuation of Investments AS - 13Read More
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FAQs on PPT : Accounting Policies - Accountancy Class 11 - Commerce
| 1. What are accounting policies? |  |
Ans. Accounting policies refer to the specific principles, rules, and procedures followed by an organization to record, present, and report financial information. These policies ensure consistency and comparability in financial statements.
| 2. How do accounting policies affect financial statements? | |
Ans. Accounting policies directly impact the presentation and disclosure of financial information in the statements. They determine how revenues, expenses, assets, and liabilities are recognized, measured, and reported. Consistent application of accounting policies ensures that financial statements are reliable and can be used for decision-making purposes.
| 3. Can accounting policies be changed? | |
Ans. Yes, accounting policies can be changed, but any changes must be disclosed and justified in the financial statements. Changes in accounting policies may occur due to new regulations, changes in industry practices, or to provide more relevant and reliable information.
| 4. How are accounting policies determined? | |
Ans. The determination of accounting policies is influenced by various factors such as legal requirements, accounting standards, industry practices, and management's judgment. Organizations often consider the need for relevance, reliability, and comparability when selecting and applying accounting policies.
| 5. What is the importance of disclosure in accounting policies? | |
Ans. Disclosure in accounting policies is crucial as it provides transparency and clarity to users of financial statements. It allows stakeholders to understand the organization's accounting practices, policies, and any changes that may impact the interpretation of financial information. This helps in making informed decisions and assessing the financial health of the organization.
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