A.

2 Accounting Standards and Corporate Accounting

MODULE-1 Accounting standards Introduction to accounts, Accounting standards definition - benefits- Management and Standard setting - standard setting process-difficulties in standard setting types of Accounting standards - Accounting standard issued by ASB of ICAI till the date, with problems, AS-6, AS-11,AS-14,AS-3(COVERD IN 4TH CHAPTER)

Frequently asked questions in the examination Section A 1. Define accounting according to AAA? 2. What is an accounting standard? 3. What do you understand by accounting standard? 4. State the going concern assumption over the liquidation assumption 5. What are non-monetary assets? And what do you understand by it? 6. What does accounting standard- 9 deals with? 7. State the objectives of accounting income? 8. Describe the income concept 9. Define accounting policy 10.Define accounting standards 11.Define accounting convention 12.Distinguish between deferrals and accruals

13.Define intangibles 14.Distinguish between expenses and expenditures 15.What is conservatism in accounting 16.Distinguish between Accounting Principles and Accounting Standards. 17.What are accounting policies 18.List five latest Indian Accounting standards 19.Name any 5 methods of depreciation 20.What is matching principle in accounting 21.What is meant by GAAP 22.Define true and fair view in disclosures of financial statement. 23.Define contingencies 24.What are the current investments 25.What are accounting policies 26.What are the functions of accounting standards? 27.What is meant by going concern concept ? 28.What is accounting concept of income? 29.Distinguish between the principles of consistency and comparability? 30.What is the international accounting standard? 31.What is intangible assets? 32.What do you mean by going concern 33.What is the main benefit of accounting standards 34.What are current investments 35.How the management accounting is different form cost accounting? Section-B&C 1. Explain the procedure for issue of accounting standards in India 2. How is accounting standards developed in India? What are the procedures followed by ASB of India for issuing Accounting Standards/ 3. Briefly describe the principles of accounting and highlight GAAP in Indian context? 4. How for financial Statements are use full for Shareholders and Creditors of the company? 5. Accounting standards aim to protect users of financial reports by providing reliable and comparable financial statement? Given reasons also list out the Accounting Standards issued by ASB?

6. What is the procedure followed by ASB of India for issuing accounting standards? 7. What is the role of ASB in the formulation of Accounting Standards in India? 8. Differentiate between standards and principle. 9. Distinguish between cash system and Accrual system of Accounting. 10.Explain Matching Principle s of accounting? 11.Discuss the criteria applied in financial accounting in recognising the time of emergence of revenue. 12.What is true and fair value of accounting? 13.Examine in brief the accounting standards issued by ICAI? 14.Write a note on Accounting standards 15.Indicate in what way accounting principles of full disclosures, materiality, Periodicity are interconnected. 16.What are the requirements of international accounting standards in disclosures? 17.Briefly explain the accounting factor influence on corporate financial decision? 18.Write a note on conservation convention 19.Briefly explain the entity concept. 20.Why is periodic income measurement necessary 21.Write a note on transaction approach to income measurement. 22.Explain briefly the major difference between Indian GAAP and US GAAP 23.Explain depreciation is the process of allocation and not valuation

****** Grate full: References: Jawaharlal, Accounting theory, HPB. DS Rawat, Accounting Standards, Taxman. Vijiakumar, Accounting Standards, snow white publications.

 Thank full to

ICAI, compendium of accounting standards and reporting, ICAI institute Icwai, Advanced financial accounting and reporting, ICWAI institute G shekar CA, Padhuka publications SreeRam CA Coaching point.

Dr. V Rajesh Kumar Academician and Freelancer in the area of Accounts Finance and Taxiation. Dr. Venugopal, Principal GRCCM, Bangalore. Dr. P V Padmaja, Principal of MLAAHL, Bangalore. Asst. Pro. Sathisha HK, GRCCM Bangalore. My friends, colleagues, family members, and beloved students community.

SECTION- A 1. What are the main benefits of accounting standards? 2. What are the current investments? 3. List out the few items of disclosure required for each primary segment. 4. What are the minimum components of interim financial report 5. What do you mean by management audit? 6. What do you mean by reporting? 7. What do you understand by accounting ratio? 8. What is social reporting 9. Name three depreciation methods 10.Define term research and development as per AS-8 11.How the management accounting is different from cost accounting. 12.How do you treat the event occurs after the Balance sheet date?

Section B&C 1. What are the different types government grants ? What is the accounting treatment in in respect of each of these types? 2. Discuss the problems providing segment information by diversified enterprises. 3. Discuss in detail the method adopted for translation of foreign branch financial statements. 4. Discuss the corporate reporting practices in India in the new LPG environment. 5. Explain in brief the procedure for setting accounting standards. 6. Explain provisions relating to accounting of contract revenue and contract cost in context of AS-7 7. Amalgamation may be two types. Explain briefly the post Amalgamation on accounting treatements.in respect of each of them. 8. Define the intangible assets. Explain the salient features of accounting for internally generated intangible assets. 2011 Section A 1. What is the matching principles in Accounting? 2. What are current investments 3.