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Company Accounts And Auditing Practices Notes Pdf

company accounts and auditing practices notes pdf

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To harmonise different accounting policies and used in a country. To reduce the accounting alternatives in the preparation of financial statements. To ensure comparability of financial statements of different enterprises. Benefits and Benefits: Limitation of i Standardisation of alternative accounting treatments: Standards reduce Accounting to a reasonable extent or eliminate altogether confusing variations in the Standards? Standards may call for disclosure beyond that required by law.

However, it should be noted in this respect that differences in the institutions, traditions and legal systems from one country to another give rise to differences in accounting standards adopted in different countries. However, there are some limitations of setting of accounting standards: i Difficulty in choosing Accounting policy: Alternative solutions to certain accounting problems may each have arguments to recommend them.

Therefore, the choice between different alternative accounting treatments may become difficult. The standards are required to be framed within the ambit of prevailing statutes. The draft normally includes objective and scope of the standard, definitions of the terms used in the standard, recognition and measurement principles wherever applicable and presentation and disclosure requirements.

What is Accounting Policy are the specific accounting principles and the methods of accounting policy? An entity shall retain the presentation and classification of items in the financial statements from one period to the next unless:. What are the 1. Going Concern: The enterprise is normally viewed as a Going Concern, i. List all of them? Consistency: The accounting policies are consistent from year to year. Accrual: Revenue and cost are accrued i. As 2 does not AS 2 should be applied in accounting for inventories other than: apply to which a.

Work in progress arising under construction contracts, including type of directly related service contracts; inventories? Work in progress arising in ordinary course of business of service providers; c. Shares, debentures and other financial instruments held as stock in trade; d.

Cost of inventory The cost of inventories shall comprise of: comprises of?? All cost of purchase, b. Cost of conversion and c. Other cost incurred in bringing the inventories to their present location and condition. The cost of purchase consists of purchase price, duties and taxes other than those subsequently recoverable from taxing authority Freight inwards and other expenditure directly attributable to the acquisition.

Materials held for use in the production of inventories are not written down below cost if finished goods in which they will be incorporated are expected to be sold at or above cost. However, where there is a decline in the value of material and it is estimated that cost of finished goods will exceed the NRV of finished goods, the materials are written down to net realisable value i.

The cost of conversion of inventories includes cost directly related to units of production Direct material, direct labour and direct expenses. They shall also include a systematic allocation of fixed and variable production overhead that are incurred in converting materials into finished goods.

I Variable production overhead vary with the volume of production and hence can be allocated. II The fixed production overhead is to be allocated on the basis of normal capacity of the production facilities. Normal capacity is the production expected to be achieved on an average over a number of years taking into account the loss due to planned maintenance.

Unallocated overheads are treated as expense in the period in which they are incurred. Abnormal cost of wasted material, labour or other production be excluded from overheads; the cost of b.

Storage costs of inventory; inventories? Administration overheads as they do not contribute to bring the inventories to their present location and condition; d. Selling and distribution overheads.

Interest and borrowing cost relating to inventories. Standard cost method or retail method is also allowed for convenience if the results approximate the actual costs. The retail method is often used in retail trade for measuring inventories of large number of rapidly changing items that have similar margins and for which it is impracticable to use other costing methods.

When change in The method of depreciation is applied consistently to provide comparability method of of the results of the operations of the enterprise from period to period. And A change from one method of providing depreciation to another is made only if : how the difference a.

When such a change in the method of depreciation is made, depreciation is recalculated in accordance with the new method from the date of the asset coming into use. The deficiency or surplus arising from retrospective recomputation of depreciation in accordance with the new method is adjusted in the accounts in the year in which the method of depreciation is changed.

In case the change in the method results in deficiency in depreciation in respect of past years, the deficiency is charged in the statement of profit and loss.

In case the change in the method results in surplus, the surplus is credited to the statement of profit and loss. Such a change is treated as a change in accounting policy and its effect is quantified and disclosed. Exclusions from i Forest, plantation and similar regenerative natural resources. Fixed Price Contract: it is a construction contract in which the contractor AS 7?

Cost Plus Contract: it is a construction contract in which contractor is reimbursed for allowable or otherwise defined costs, plus percentage of these cost or a fixed fee. Measurement of 1 Percentage of Completion Method: The recognition of revenue and contract revenue expenses by reference to the stage of completion of a contract is often and contract costs referred to as percentage of completion method.

Under this method, as per AS 7? This method provides information on the extent of contract activity and performance during a period. However, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately. The enterprise uses the method that measures reliably the work performed.

Depending upon the nature of the contract, the methods may include:. Progress payment and advances received from the customers may not necessarily reflect the work performed. When the outcome of a construction contract cannot be estimated reliably: i Revenue should be recognised only to the extent of contract costs incurred by which recovery is probable; and ii Contract cost should be recognised as an expense in the period in which they are incurred.

An expected loss on the construction contract should be recognised as an expense immediately. Revenue Revenue is recognized when the following conditions are satisfied: recognition as per as 9: sale of goods a. The seller has transferred to the buyer the property in goods for a Dec consideration. No significant uncertainty exists regarding the amount of consideration that will be delivered from the sale of goods. Revenue Following conditions must be satisfied: recognition as per as 9: rendering of a.

The performance may consist of execution of one or more acts. It should be services measured using either: i. Completed service contract method; ii.

Proportionate completion method; whichever relates the revenue to the work accomplished. There is no significant uncertainty regarding the amount of consideration that will be derived from rendering the service. It is reasonable to expect the ultimate collection at the time of performance. Otherwise, revenue recognition should be postponed. Revaluation of When a fixed asset is revalued in financial statements, an entire class of fixed assets as per assets should be revalued or the selection of assets for revaluation should be as made on a systematic basis.

For example, an enterprise may revalue a whole class of assets within a unit. It is not appropriate for the revaluation of a class of assets to result in the net book value of that class being higher than the recoverable amount of the asset of that class. It sometimes happen that an increase to be recorded is a reversal of a previous decrease arising on revaluation which has been charged to profit and loss account in which case the increase in to be credited to the extent that it offsets the previously recorded decrease.

Cost of fixed The cost of an item of fixed asset comprises of its purchase price, including assets: import duties and other non refundable taxes or levies and any directly attributable cost of bringing the asset to its working condition for its intended use; any trade discounts and rebates are deducted in arriving at the purchase price.

Examples of directly attributable costs are: Site preparation, initial delivery and handling cost, installation cost, professional fees like engineer fees, etc. Investments are classified as long term and current investments. A current investment is an investment that is by its nature readily realisable and is intended to be held for not more than one year from the date on which such investment is made. Carrying amount Current Investments: The carrying amount for current investment is the of investments as lower of cost and fair value.

In respect of investments for which active per AS13? Valuation of current investments on overall basis is not considered appropriate. The most prudent and appropriate method is to carry investments individually at lower of cost and fair value.

However, for convenience, enterprise may value investment category wise like equity shares, preference shares, etc. Long term investments: Long term investments are usually carried at cost.

However, where there is a decline, other than temporary, in the value of long term investment, the carrying value is reduced to recognise the decline. Indicator of value of an investment are obtained by reference to its market value, expected cash flows from investments, etc. The carrying amount of long term investments is determined on an individual investment basis.

Amalgamation in Amalgamation in the nature of merger is an amalgamation which satisfies nature of merger all the following conditions. June i All the assets and liabilities of the transferor company become, after amalgamation, the assets and liabilities of the transferee company. Amalgamation in Amalgamation in the nature of purchase is an amalgamation which does not nature of satisfy any one or more of the conditions specified in sub-paragraph e purchase as per above.

AS 14? Pooling of interest This method is used for accounting in case of merger in the books of method Dec transferee. If the purchase consideration is less than the net assets taken over, the difference is credited to capital reserve. Treatment of Goodwill represents a excess payment made in anticipation of future goodwill arising income and it is appropriate to treat it as an asset to be amortised to income on amalgamation on a systematic basis over its useful life. Due to the nature of goodwill, it is as per AS 14?

Such estimation is however, made on a prudent basis. Accordingly, it is considered appropriate to amortise goodwill over a period not exceeding 5 years unless a somewhat longer period can be justified. In this case at the inception of a financial lease, the lessee should recognise the lease as an asset and a liability.

Practice Notes

Updated on Jan 30, - PM. To ensure that information provided in the financial statements are of high quality and are acceptable worldwide the Auditing and Assurance Standards board under the council of Institute of Chartered Accountants ICAI have formulated few Standards. In simpler words, whenever an independent examination of financial information is carried on for ANY entity whether the business motive is t make the profit or not, whether the size of the entity is big or small or even if the entity has any legal form unless any lays specifies something else the SAs will be applicable. All SAs are interlinked and have to apply in unity. Products IT.

We provide complete auditing theory pdf. Auditing Theory study material includes auditing theory notes, auditing theory syllabus, courses, books, question paper, MCQ, case study, questions and answers and available in auditing theory pdf form. Auditing Theory subject is included in B. Auditing Theory Notes can be downloaded in auditing theory pdf from the below article. A detailed auditing theory syllabus as prescribed by various Universities and colleges in India are as under.

The subject 'Company Accounts and Auditing Practices' is very important for the students. In the course Disclosure of Notes on Accounts.

How to Prepare CS Executive Company Accounts and Auditing Practices

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Read below!! This CS Executive Company Accounts and Auditing Practices paper has been designed to provide the students with advance knowledge of the principles and practices of company accounts and auditing in accordance with statutory requirements. Part A carries 70 Marks. While designing the contents of the syllabus of Company Accounts, it has been presumed that the students possess the knowledge of Financial Accounting paper of Foundation Programme. Students are also required to know the relevant legal provisions of the Companies Act, and notified sections of the Companies Act, and the procedures prescribed thereunder.

Вроде бы на нижней ступеньке никого. Может, ему просто показалось. Какая разница, Стратмор никогда не решится выстрелить, пока он прикрыт Сьюзан. Но когда он начал подниматься на следующую ступеньку, не выпуская Сьюзан из рук, произошло нечто неожиданное. За спиной у него послышался какой-то звук. Он замер, чувствуя мощный прилив адреналина. Неужели Стратмор каким-то образом проскользнул наверх.

CS Executive Company Accounts and Auditing Practices Notes pdf: Get all details about CS Executive Company Accounts and Auditing Practices Notes pdf.

Кольцо снова блеснуло на солнце. Женщина отвернулась. Танкадо, задыхаясь и не в силах произнести ни звука, в последней отчаянной надежде посмотрел на тучного господина.

Беккер закрыл глаза и попытался сосредоточиться. Итак, каков следующий шаг. Он решил подумать об этом через минуту. Сейчас ему надо было совершить давно уже откладываемую прогулку в туалетную комнату. ГЛАВА 64 Сьюзан осталась одна в тишине и сумерках Третьего узла.

Auditing Theory Notes, PDF, Notes, Syllabus | BBA, BCOM 2021


  1. Tiago P.

    12.04.2021 at 10:04

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    The Regulations were subsequently amended vide Notification No.

  4. HervГ© M.

    21.04.2021 at 06:05

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    21.04.2021 at 12:26

    To harmonise different accounting policies and used in a country.

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