CPT-Accounts
This query is : Resolved
04 June 2009
Name : Suheel-(CPT-Student)
Region : Mandya-(Bangalore)/karnataka
E-Mail : suheel.84@gmail.com
1. The concept of conservatism, when
applied to the Balance Sheet, results
in
a) Understatement of assets
b) Overstatement of assets
c) Overstatement of capital
d) Understatement of capital
2. The determinatin of expenses for an
accounting period is based on the
principle of
a) Objectivity b) Materiality
c) Matching d) Periodicity
3. All of the following are valuation
principles except
a) Historical cost b) Present value
c) Future value d) Realisable value
Sir,if you answer above questions with reason it will help of mine& cpt students for 28.06.09 cpt examination
Thanks,
Name : Suheel-(CPT-Student)
Region : Mandya-(Bangalore)/karnataka
E-Mail : suheel.84@gmail.com
1. The concept of conservatism, when
applied to the Balance Sheet, results
in
a) Understatement of assets
b) Overstatement of assets
c) Overstatement of capital
d) Understatement of capital
2. The determinatin of expenses for an
accounting period is based on the
principle of
a) Objectivity b) Materiality
c) Matching d) Periodicity
3. All of the following are valuation
principles except
a) Historical cost b) Present value
c) Future value d) Realisable value
Sir,if you answer above questions with reason it will help of mine& cpt students for 28.06.09 cpt examination
Thanks,
04 June 2009
The concept of conservatism is used, while estimating cost / revenue.
Cost of Rs. 100 is incurred means transaction has to be recorded at Rs. 100. It can not be recorded at Rs. 50. Conservatism principle has no role to play.
In case provision is to be made for tax liability, tax liability estimates should not be on lower side. It means conservatism principle has been applied.
Cost of Rs. 100 is incurred means transaction has to be recorded at Rs. 100. It can not be recorded at Rs. 50. Conservatism principle has no role to play.
In case provision is to be made for tax liability, tax liability estimates should not be on lower side. It means conservatism principle has been applied.
04 June 2009
The answers are as follows:
1)The concept of conservatism, when
applied to the Balance Sheet, results
in - a) Understatement of assets
2)The determination of expenses for an
accounting period is based on the
principle of - d) Periodicity
3. All of the following are valuation
principles except - a) Historical cost
I request all the experts to support or correct(if any) the answers.
1)The concept of conservatism, when
applied to the Balance Sheet, results
in - a) Understatement of assets
2)The determination of expenses for an
accounting period is based on the
principle of - d) Periodicity
3. All of the following are valuation
principles except - a) Historical cost
I request all the experts to support or correct(if any) the answers.
04 June 2009
The answers are as follows:
1)The concept of conservatism, when
applied to the Balance Sheet, results
in - a) Understatement of assets
2)The determination of expenses for an
accounting period is based on the
principle of - d) Periodicity
3. All of the following are valuation
principles except - a) Historical cost
I request all the experts to support or correct(if any) the answers.
1)The concept of conservatism, when
applied to the Balance Sheet, results
in - a) Understatement of assets
2)The determination of expenses for an
accounting period is based on the
principle of - d) Periodicity
3. All of the following are valuation
principles except - a) Historical cost
I request all the experts to support or correct(if any) the answers.
08 June 2009
Thank you,
question no.3 > (a) Historical is not a correct answer.
correct answer is (c) Future Value
question no.3 > (a) Historical is not a correct answer.
correct answer is (c) Future Value
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Suggestions required for income tax filing-software (FY 2025-26)
- STCG FOR GOLD ETFs
- E way bill for tractors
- LTCG for Assmt year 26-27
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
