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Which of the following are accounting policies
- a)Treatment of goodwill
- b)Valuation of inventories
- c)Treatment of retirement benefits
- d)All the above
Correct answer is option 'D'. Can you explain this answer?
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Which of the following are accounting policiesa)Treatment of goodwillb...
The accounting policies are the specific policies and procedures that are used by a company to prepare its financial statements. The accounting policies include methods, measurement systems and procedures for presenting information in financial statements.
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Which of the following are accounting policiesa)Treatment of goodwillb...
- Treatment of Goodwill
Accounting policies include the treatment of goodwill, which involves determining how goodwill is recognized, measured, and reported in the financial statements. This can include the method used to test for impairment and the accounting treatment for any impairment losses.
- Valuation of Inventories
Another accounting policy is the valuation of inventories, which involves deciding on the method used to determine the cost of inventory, such as FIFO, LIFO, or weighted average. This policy also includes how inventory is valued at the lower of cost or net realizable value.
- Treatment of Retirement Benefits
Accounting policies also encompass the treatment of retirement benefits, such as pensions and other post-employment benefits. This involves determining how these benefits are accounted for in the financial statements, including the recognition, measurement, and disclosure requirements.
- All the Above
All of the options provided (treatment of goodwill, valuation of inventories, and treatment of retirement benefits) are examples of accounting policies that companies must establish and disclose in their financial statements. These policies help ensure consistency and comparability in financial reporting, allowing users to make informed decisions based on the information presented.
Accounting policies include the treatment of goodwill, which involves determining how goodwill is recognized, measured, and reported in the financial statements. This can include the method used to test for impairment and the accounting treatment for any impairment losses.
- Valuation of Inventories
Another accounting policy is the valuation of inventories, which involves deciding on the method used to determine the cost of inventory, such as FIFO, LIFO, or weighted average. This policy also includes how inventory is valued at the lower of cost or net realizable value.
- Treatment of Retirement Benefits
Accounting policies also encompass the treatment of retirement benefits, such as pensions and other post-employment benefits. This involves determining how these benefits are accounted for in the financial statements, including the recognition, measurement, and disclosure requirements.
- All the Above
All of the options provided (treatment of goodwill, valuation of inventories, and treatment of retirement benefits) are examples of accounting policies that companies must establish and disclose in their financial statements. These policies help ensure consistency and comparability in financial reporting, allowing users to make informed decisions based on the information presented.
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Which of the following are accounting policiesa)Treatment of goodwillb)Valuation of inventoriesc)Treatment of retirement benefitsd)All the aboveCorrect answer is option 'D'. Can you explain this answer?
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Which of the following are accounting policiesa)Treatment of goodwillb)Valuation of inventoriesc)Treatment of retirement benefitsd)All the aboveCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following are accounting policiesa)Treatment of goodwillb)Valuation of inventoriesc)Treatment of retirement benefitsd)All the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following are accounting policiesa)Treatment of goodwillb)Valuation of inventoriesc)Treatment of retirement benefitsd)All the aboveCorrect answer is option 'D'. Can you explain this answer?.
Which of the following are accounting policiesa)Treatment of goodwillb)Valuation of inventoriesc)Treatment of retirement benefitsd)All the aboveCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following are accounting policiesa)Treatment of goodwillb)Valuation of inventoriesc)Treatment of retirement benefitsd)All the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following are accounting policiesa)Treatment of goodwillb)Valuation of inventoriesc)Treatment of retirement benefitsd)All the aboveCorrect answer is option 'D'. Can you explain this answer?.
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