P-5-Set-2.pdf - FINANCIAL REPORTING Paper-5 Syllabus-2016 Set-2 Answer of Postal test Paper Set-2 www.globalcma.in [email protected] Sol 1(a MCQ i D ii

P-5-Set-2.pdf - FINANCIAL REPORTING Paper-5 Syllabus-2016...

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FINANCIAL REPORTING Paper-5 [email protected] Answer of Postal test Paper Set-2 Syllabus-2016 Set-2
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FINANCIAL REPORTING Sol. 1 (a) MCQ i. D ii. B iii. B iv. C v. D Sol. 1 (b) Match The Following Column A Column B 1. As-7 (a)Work Certified 2. Remittance In transit (b)Branch Adjustment 3. Entrance Fee (c)Receipts and Payment A/C 4. AS-9 (d)Revenue Recognition 5. Garner Vs Murray Rule (e)Dissolution Of Partnership Firm Sol. 1 (c) True/False i. F ii. T iii. T iv. T v. F Sol. 3 (b)
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FINANCIAL REPORTING Sol. 5 (b)
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FINANCIAL REPORTING Sol. 6 (a) Sol. 6 (b)
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FINANCIAL REPORTING Sol. 7 (a)
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FINANCIAL REPORTING Sol. 8 (a)
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FINANCIAL REPORTING Sol. 8 (b) Sol. 9 (a) The basic principles of this concept is that business is assumed to exist for an indefinite period and is not established with the objective of closing it down. So unless there is good evidence to the contrary, the accountant assumes that a business entity is a ‘going concern’ - that it will continue to operate as usual for a longer period of time. It will keep getting money from its customers, pay its creditors, buy and sell goods, use assets to earn profits in future. If this assumption is not considered, one will have to constantly value the worth of the assets and resource. This is not practicable. This concept enables the accountant to carry forward the values of assets and liabilities from one accounting period to the other without asking the question about usefulness and worth of the assets and recoverability of the receivables.
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