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Introduction to Accounting Standards Video Lecture | Advanced Accounting for CA Intermediate
FAQs on Introduction to Accounting Standards Video Lecture - Advanced Accounting for CA Intermediate
| 1. What are Accounting Standards? |  |
Ans. Accounting Standards are a set of principles, rules, and guidelines issued by accounting regulatory bodies that companies must follow when preparing their financial statements. These standards ensure uniformity, consistency, and transparency in financial reporting.
| 2. Why are Accounting Standards important? | |
Ans. Accounting Standards are important as they help in improving the quality of financial reporting, making financial statements comparable across different companies, and providing useful information to investors, creditors, and other stakeholders for decision-making purposes.
| 3. How many Accounting Standards are there in total? | |
Ans. As per the Institute of Chartered Accountants of India (ICAI), there are a total of 41 Accounting Standards that are applicable in India. These standards cover various aspects of financial reporting, such as revenue recognition, lease accounting, and employee benefits.
| 4. Who is responsible for setting Accounting Standards in India? | |
Ans. In India, the Accounting Standards are issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The ASB continuously reviews and updates the standards to ensure they are in line with the latest developments in the accounting field.
| 5. What is the relevance of Accounting Standards for CA Intermediate exam preparation? | |
Ans. Understanding Accounting Standards is crucial for CA Intermediate exam preparation as questions related to these standards are frequently asked in the exams. A thorough knowledge of the standards will help students in effectively applying the principles to solve practical problems in the exam.
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