CA Foundation Exam > CA Foundation Videos > Principles and Practice of Accounting > Accounting Concepts
Accounting Concepts Video Lecture | Principles and Practice of Accounting - CA Foundation
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FAQs on Accounting Concepts Video Lecture - Principles and Practice of Accounting - CA Foundation
| 1. What are the basic accounting concepts? |  |
Ans. The basic accounting concepts include concepts such as going concern, accruals, consistency, materiality, prudence, and periodicity. These concepts provide a framework for preparing and interpreting financial statements.
| 2. What is the concept of going concern in accounting? | |
Ans. The concept of going concern assumes that a company will continue to operate in the foreseeable future. It implies that the company's assets will be used in its operations rather than being sold off. This concept is important because it allows the company to value its assets at their historical cost and not at their liquidation value.
| 3. What is the concept of accruals in accounting? | |
Ans. The concept of accruals states that revenue and expenses should be recognized in the period to which they relate, regardless of when the cash is received or paid. This means that revenue is recognized when it is earned and expenses are recognized when they are incurred, regardless of the timing of cash flows.
| 4. What is the concept of consistency in accounting? | |
Ans. The concept of consistency requires that accounting policies and methods should be applied consistently from one period to another. This ensures that financial statements are comparable over time and that changes in financial performance and position can be accurately assessed.
| 5. What is the concept of materiality in accounting? | |
Ans. The concept of materiality states that financial information should be disclosed if its omission or misstatement could influence the economic decisions of users. Materiality is based on the principle that information is material if it could reasonably be expected to influence the decisions of users made on the basis of the financial statements.
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Nov 08, 2024 Last updated |
Video Description: Accounting Concepts for CA Foundation 2024 is part of Principles and Practice of Accounting preparation.
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