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 R ltd purchased 500 sq.mt. land for Rs 1.5 crore to build a factory. At the end of the year the market value of land was Rs 1.35 crores. R Ltd treated Rs 15 lakh as loss and recorded the land at Rs 1.35 crores. Is it a correct treatment?

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FAQs on Accountancy class 11

1. What are the basic principles of accountancy?
Ans. The basic principles of accountancy include the principles of money measurement, cost, realization, accrual, matching, consistency, materiality, and conservatism. These principles provide a framework for recording, analyzing, and interpreting financial transactions and help in preparing accurate financial statements.
2. What is the difference between financial accounting and management accounting?
Ans. Financial accounting focuses on recording and reporting financial transactions for external users such as investors, creditors, and government agencies. It follows Generally Accepted Accounting Principles (GAAP) and provides information about the overall financial performance and position of an entity. On the other hand, management accounting focuses on providing information to internal users, such as managers, to facilitate decision-making, planning, and controlling activities within an organization.
3. What is the importance of bookkeeping in accountancy?
Ans. Bookkeeping is an essential part of accountancy as it involves recording and maintaining accurate and detailed financial transactions of a business. It helps in tracking income and expenses, managing cash flow, preparing financial statements, and ensuring compliance with tax laws. Bookkeeping forms the foundation for effective financial management and decision-making.
4. What is the role of an auditor in accountancy?
Ans. An auditor plays a crucial role in accountancy by independently examining and evaluating the financial records, statements, and internal controls of an organization. Their primary objective is to express an opinion on the fairness and reliability of the financial statements. Auditors also identify any potential fraud, errors, or irregularities and provide recommendations for improvement in internal controls and financial reporting processes.
5. What are the different branches of accountancy?
Ans. Accountancy has various branches, including financial accounting, management accounting, cost accounting, tax accounting, and auditing. Financial accounting focuses on preparing financial statements, management accounting provides information for decision-making, cost accounting deals with the analysis of costs and cost control, tax accounting involves tax planning and compliance, and auditing ensures the accuracy and reliability of financial information.
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