Direct Tax Case Study from Novemebr 2008

ACCOUNTING FOR FIXED  ASSETS (AS-10)   1.  Fixed assets shall be shown in financial statements at historical cost less depreciation.   2.  What is  Historical cost:  The historical cost consists of the following:   a.  Purchase price. b.  Import duties and other non-refundable taxes.   c.                                     Cost of bringing the asset to the working condition like: Site preparation, Delivery cost,… Read moreAccounting Standard on Fixed Assest

  Compare cost accounting with financial accounting. Compare cost accounting and management accounting? Define the term ‗cost‘. Compare it with ―Value‖ and ―Price‖? What are the advantages/ objectives of a cost accounting system. Discuss the role of the cost accountant in a manufacturing organisation How are costs classified? Give different classifications of overheads. Write short notes on explicit and implicit… Read moreBasic Concept of Cost Accounting