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FAQs on Principles and Practice of Accounting(Paper-1) - November 2018 - Accounting for CA Foundation
| 1. What are the main objectives of accounting? |  |
Ans. The main objectives of accounting include the systematic recording of financial transactions, providing useful financial information to stakeholders, ensuring compliance with legal and regulatory requirements, and facilitating effective decision-making for management and investors.
| 2. What is the difference between cash basis and accrual basis accounting? | |
Ans. Cash basis accounting recognizes revenues and expenses only when cash is exchanged, while accrual basis accounting recognizes revenues when earned and expenses when incurred, regardless of cash flow. Accrual accounting provides a more accurate picture of a company's financial health.
| 3. What are the key financial statements prepared in accounting? | |
Ans. The key financial statements prepared in accounting are the Income Statement, which shows profitability over a period; the Balance Sheet, which presents the financial position at a specific date; and the Cash Flow Statement, which outlines cash inflows and outflows during a period.
| 4. Why is the double-entry system important in accounting? | |
Ans. The double-entry system is important because it ensures that every transaction affects at least two accounts, maintaining the accounting equation (Assets = Liabilities + Equity). This system helps to prevent errors, enhances accuracy, and provides a comprehensive view of financial activities.
| 5. What are the basic accounting principles that govern financial reporting? | |
Ans. The basic accounting principles include the Going Concern Principle, which assumes that a business will continue operating; the Consistency Principle, which mandates uniformity in financial reporting; the Matching Principle, which ensures expenses are matched with revenues; and the Historical Cost Principle, which states that assets should be recorded at their original cost.
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