PPT : Accounting Policies CA Foundation Notes | EduRev

Accountancy Class 11

CA Foundation : PPT : Accounting Policies CA Foundation Notes | EduRev

 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 - 13 
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