Revenue Recognition AS 9

REVENUE RECOGNITION (AS  – 9)   gross inflow of consideration arising in the course of ordinary activities, such as:     a.  Sale of goods.   b.  Rendering the services. c.  Use of the enterprises resources by others giving interest, dividend and royalties.   2.  RfeargovloeoemdnosufS:e   a.  Revenue  is recognised: i.    When sale is completed. (Refer to next… Read moreRevenue Recognition AS 9

Accounting Standard on Fixed Assest

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

Basic Concept of Cost Accounting

  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

Board Meeting

  QUESTION Define Board. Restrictions and the types of powers. Powers exercisable only at a Board Meeting. Powers of Board exercisable with the consent of general meeting. Passing of resolutions by circulation. What are the types of Board’s resolutions?   Frequency of Board Meetings?   Can the Board meet on a public holiday? Place of Meeting? Essential requisites to constitute… Read moreBoard Meeting

Practical Questions in Corporate & Other Laws

Practical Questions in Corporate & Other Laws     Q.No.1. Both the shareholders of the Private Company died in a car accident. Decide whether Company’s existence also comes to an end.   Sol.: The Company’s existence is not affected by the death of its shareholders, since the Company has separate legal entity. This is clearly established in Salomon Vs. Salomon… Read morePractical Questions in Corporate & Other Laws