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FAQs on Principles and Practice of Accounting(Paper-1) - May 2018 - Accounting for CA Foundation

1. What are the fundamental principles of accounting?

Ans. The fundamental principles of accounting include the Economic Entity Assumption, Money Measurement Concept, Going Concern Concept, Matching Principle, and Revenue Recognition Principle. These principles establish a framework for recording and reporting financial transactions.

2. How does the accounting equation relate to the practice of accounting?

Ans. The accounting equation states that Assets = Liabilities + Equity. This equation is fundamental in accounting as it ensures that the balance sheet remains balanced, reflecting the company’s financial position accurately.

3. What is the importance of double-entry bookkeeping in accounting?

Ans. Double-entry bookkeeping is crucial as it ensures that every financial transaction affects at least two accounts, maintaining the balance of the accounting equation. It helps prevent errors and provides a complete record of financial activities.

4. How do financial statements reflect the principles of accounting?

Ans. Financial statements, such as the income statement, balance sheet, and cash flow statement, are prepared based on accounting principles. They provide a structured summary of the financial performance and position of an entity, aiding stakeholders in decision-making.

5. What role does the International Financial Reporting Standards (IFRS) play in accounting?

Ans. IFRS provides a global framework for how public companies prepare and disclose their financial statements. It enhances comparability and transparency across international borders, ensuring that investors and stakeholders have reliable financial information.

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