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

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

  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

Notes on Branch Account

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

Computation problems in Custom Duty  Computation of customs  duty: An importer imported some goods in February 2008 and the goods were cleared from Mumbai port for warehousing on 8th February 2008 after assessment.  Assessable  value  was  Rs.4,86,000  (US  $  10,000  at  the  rate  of  exchange Rs.48.60 per US $). The rate of duty on that date was 25% (assume that… Read moreComputation problems in Custom Duty

MCQ on Law 24. Company will have fundamental rights. a) True                                                                         b) False   25.  XYZ Company shares are totally held by government. The company will be government. a) True       b) False   26. If the company failed to refund application money with in 130 days from the date of issue of prospectus on non­receipt of minimum subscription who will… Read moreMCQ on Law

Notes on the Central excise   Short title, extent and commencement: Definitions Appointment and jurisdiction of Central Excise Officers   Duty payable on removal   Determination of rate of duty and tariff valuation   Assessment of duty Provisional assessment Manner of payment of duty Registration Daily Stock Account Invoicing system Filling of Return Job work in Jewellery   Procedure and… Read moreThe Central Excise Rules, 2002