Accounting Principles BCOM 1st Year Long Question Answer Study Notes
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Table of Contents
Section B
LONG ANSWER QUESTIONS
Q.1. ‘Accounting conventions and concepts are foundation of accounting principles.’ Discuss this basic concept related to financial accounting.
Ans. Accounting Concepts
There are some assumptions on which accounting is based. These assumptions are most natural and are not forced ones. These are general motions hence they are called concepts. These concepts are also known as postulates because postulates too are necessary assumptions. A concept is a self-evident proposition, i.e. something taken for granted concepts are also termed as ground rules that govern accounting. In accountancy, following concepts are unique and popular :
1. Accounting Period Concept
Every businessman wants to know the result of his investment and efforts after a certain period. Usually one year period is regarded as an ideal for this purpose. It may be of 2 years, 6 months or 3 months also. This period is called accounting period. It depends on the nature of business and object of the proprietor of business.
Real income of business can be found out only when the business comes to an end, but this period is usually too long and no businessman can wait for such a long period for knowing its profit or loss. therefore the accounting period is mostly one year.
From the taxation point of view, one year period is necessary as income tax is payable every year. From 1st April of the current year to 31st March of the next year may be accounting year.
Effects of this Concept: These are as follows:
1. Financial position of one year may be compared with another year.
2. Earning capacity of one year may be compared with another year.
3. These comparisons help the management in planning and increasing the efficiency of business.
4. Proprietors and outsiders can also derive various conclusions according to their queries.
2. Dual Aspect Concept
Accounting concept is that in which every transaction affects two accounts. This is why double entry system of bookkeeping came into existence. All business transactions are recorded on the basis of this concept. No transaction is complete without double aspect. This concept is the foundation on which the entire system of bookkeeping and accountancy is based.
Effects of this Concept: These are as follows:
1. If one aspect of a transaction is recorded and other is ignored, the accountancy record will not indicate true position hence this concept is of great help in indicating true position of the business.
2. During recent period, when production has become very fast due to advance technology and complicated affair in large scale industries, this concept is of utmost use.
3. This concept helps in detecting the errors of employees and in having strict control over them.
3. Money Measurement Concept
Only those transactions are recorded in books of accounts which can be expressed in money. Those transactions which cannot be expressed in money fall beyond the scope of accounting. One serious shortcoming of this concept is that the money value on that date is recorded on which transaction has taken place and later on due to inflation when changes in money value take place, these changes are not considered.
Effects of this Concept: These are as follows:
1. In the absence of this concept, it could have not been possible to add various possessions. For example, a proprietor has 400 chairs, 10 machines, 500 acre of land and 200 tables. He cannot add them, but by finding out their value in money, total amount of all these possessions can easily be found out.
2. Ability of the board of directors, quality of the articles produced and efficiency of workers cannot be recorded as these are not expressed in money. Thus, this concept has both merits and demerits.
4. Realisation Concept
Every business unit spends money to purchase goods or to manufacture goods for sale. Profit cannot be earned only by manufacturer, sale of goods either for cash or on credit is essential to make earning. Without realisation of sale proceeds, there can be no profit. Revenue may be realised either for increasing an asset or it may be in the form of extinction of an existing liability. Thus, whole accountancy is based on this concept of realisation. All efforts in business are made to make utmost realisation.
Effects of this Concept: The very existence of business becomes useless without realisation and no earning can be made by the business unit.
5. Separate Entity Concept/Business Entity Concept
Business is treated separate from its owners. All the transactions are recorded in the books of the business and not in the books of he proprietor. On the basis of this concept, the proprietor is treated as a creditor for the business. When he contributes capital, he is treated as a person who has invested his amount in the business and therefore, capital appears in the liability side of balance sheet of the proprietor’s business. Thus this concept requires to make a distinction between (i) Personal transaction and (ii) Business transactions of the entity in order to ascertain financial position and operating results of business entity.
Effects of this Concept: These are as follows:
1. Financial position of the business can easily be found out.
2. Earning capacity of the business can easily be ascertained.
6. Cost Concept
According to this concept, fixed assets are recorded at the price at which they are acquired. This price is termed as ‘cost. In balance sheet, however, these assets do not appear always at cost price every year, but systematically it is reduced by the amount of annual depreciation and thus, they appear at the amount which is cost less depreciation. This value is called books value. Under cost concept, all such events are ignored which affect the business but have no cost. For example, the most active, important and influencial director dies, then the earning capacity and position of the business will be affected, but this even has no cost, hence it will not be recorded in account books.
Effects of this Concept: These are as follows:
1. Due to cost concept, market price is ignored and balance sheet indicates financial position on cost and expired cost basis.
2. This concept is mainly for fixed assets, current assets are not affected by it. They appear in * balance sheet at cost or market price, whichever is lower, though they two are acquired at cost price.
7. Going Concern Concept
This concept relates with the indefinite long economical life of the business. The assumption is that business will continue to exist for unlimited period unless of course, it is dissolved due to some reason or the other. This is why balance sheet, market price of fixed assets is not considered. When final accounts are prepared, record is made for outstanding expenses and prepaid expenses because of the assumption that business will continue. If the condition of business is depreciated to such an extent that it is to be closed down, even then accountant’s concept is that business is to continue and he records all big and small transactions, he never stops making record on the possibility of closing down of business. This is the best quality of accountant which is based on this concept of going concern.
Effects of this Concept: These are as follows:
1. Working life of assets is taken into consideration for writing off depreciation because of this concept.
2. Whatever bad position of the business may be, it does not affect on the accounting aspect of the business.
3. Accountant always remains hopeful about continuity of business and he does not stop writing transactions even though the condition of the business is deteriorating.
8. Accounting Equivalence Concept
The proprietor provides the funds for acquisition of assets, hence, the assets owned by the business must be equal to the funds provided by the proprietor which is technically called ‘Equity. Whatever properties or things are owned by the proprietor, they are termed as assets of the proprietor. Hence, accounting equivalence concept is
Assets = Equities
These days in addition to own funds, money is borrowed which is known as liability. Hence, assets are acquired through equity and liability. Therefore, accounting equation is
A=E
Assets = Owner’s equity + Liabilities or outsider’s equities
Effects of this Concept: Any business transaction can be recorded on the basis of this concept. Really speaking, the principle of double entry system that every debit has a corresponding credit is based on this concept.
All the business transactions are covered by the following six combinations:
1. Increase in owner’s equity. 2. Decrease in owner’s equity.
3. Increase in liabilities. 4. Decrease in liabilities.
5. Increase in assets. 6. Decrease in assets.
Each transaction is recorded in such a way that the accounting equation continues. Thus, the two aspects of a transaction are recorded in such a way that their effects balance each other and equation is maintained. Had this accounting equivalence concept not been there, double entry system of bookkeeping would have never come into existence.
9. Verifiable Objective Evidence Concept
This concept relates with the verification of accounting record with the outside evidence. Outside evidence means study of those documents and vouchers, etc. on the basis of which accounting records have been made. This sort of verification has become important these days, because of indirect management which is increasing by leaps and bounds due to large-scale production. When all purchases and sales were made by the sole trader himself, verification of accounting record was not of much importance, though in Great Britain, this concept occupies key position since the beginning.
Effects of this Concept: These are as follows:
1. Accounting record is made on the basis of various vouchers and documents, etc.
2. These vouchers etc. also help a lot in auditing accounting record.
3. Accountant remains mentally free due to existence of vouchers, etc.
10. Capital Concept
Capital concept explains that record for capital is made separately. Proprietor may contribute capital either in cash or in goods or partly in cash and partly in goods. In sole trading and partnership concern, profit of each accounting period is transferred to capital account but in case of limited companies, profit is not transferred to capital account. Accountant must keep this concept in view while recording capital and profit.
Effects of this Concept: These are as follows:
1. This concept helps to ascertain the earning capacity of business easily.
2. It also helps in comparing the earning capacity of various periods and thus efficiency of business can be ascertained.
11. Matching of Cost and Revenue Concept
Every businessman is eager to make maximum profit at minimum cost. Hence, in an accounting period namely one year, he tries to find out revenue and cost of this year and compares it with that of another year and thus he can make an idea about progress or downfall of business. Efforts made to make revenue are termed as cost and the positive results of these efforts are termed as a revenue.
This concept is also known as concept of efforts and accomplishment. Excess of accomplishment over efforts is profit. The object of accounting is that accounting record be made in such a manner that cost may be compared with revenue. If cash accounting method does not facilitate this comparison. then accounting method is regarded as unsatisfactory.
That is why, an accountant records all expenses of a year whether they are paid in cash or are outstanding and he also records all revenues whether they are received in cash or are earned but not received in cash.
Effects of this Concept: These are as follows:
1. Proprietor can easily know about his profit or loss with the application of this concept.
2. He can make efforts for creating economy, increasing efficiency and increasing income on the basis of the application of this concept.
12. Accrual Concept
If the accounting period is one year for a business, whatever net profit is made during the year, it increases the owner’s equity, i.e. capital. The net loss made during the year decreases owner’s equity, i.e. capital. Excess of revenue income over revenue expenses is net profit, while excess of revenue expenses over revenue income is loss.
Q.2. What are the conventions for accounting?
Ans. Accounting Conventions: It has been pointed out earlier that accounting is the language of business. Just as knowing of grammar is essential for understanding and making correct interpretation of the language, in the same way it is necessary to know certain accounting conventions and concepts to understand the language of business namely accounting.
All accounting conventions fall under accounting principles.
Accountancy is based on usages and customs. Custom or usage is a practice which is in use since immemorial period. Naturally accountants have to adopt that usage or custom.
Types of Accounting Conventions
These are termed as conventions in accounting. Conventions are also known as doctrines. Major conventions are used in preparation of final accounts also.
1. Conservatism: Future is uncertain. Though an estimate may be made about future events and circumstances, but no one can guess future with perfect certainty in business, hence some arrangement or provision is made to meet future uncertainties. Every sincere businessman makes an estimate of future losses and then some provision for it is made. Businessmen mostly ignore the items of future profit. This tendency is termed as conservatism and it is a very natural tendency and is in existence since long hence, it is a convention.
Saving of money by people and depositing it for using it to meet future contingencies is conservatism; hence, nearly all people apply this principle of conservatism. The valuation of stock or inventory at a lower cost or net realisable value, making provision for doubtful debts, discount on debtors are the applications of this principle.
One should be careful in making provision for future losses, as more or less provision than necessary will create adverse affect on the business and accounting record will also indicate true and fair position. Hence, in a nutshell, conservatism states as ‘anticipate no profit and provide for all possible losses!
2. Discloser: While making accounting record, care should be taken to disclose all material informations and not conceal informations and facts. Here, emphasis is only on material information and not on immaterial information. This is done to benefit the proprietor and all those outsiders who are directly or indirectly interested in assessing the final accounts of the business unit. This is why form of balance sheet and profit and loss accounts are prescribed in the Companies Act, 2013. If there is some material information which can be included in proper balance sheet, it is shown by way of footnote, so that correct opinion may be made about the financial position of the business unit.
Full discloser of all relevant and reliable facts in accounts is the necessity in order to make accounting record useful for the users. It is not a new thing, but it is based on convention. Even in olden times people used to speak truth in their personal affairs. Hence, when accounting originated, that old convention of speaking truth and in full was incorporated in accounts too. Thus, full, fair and adequate discloser can help in accurate assessment of financial position and performance.
3. Consistency: Whatever accounting practice has been adopted in one accounting year, same should be continued in other future year also. Continuance of one practice in number of years indicates consistency. If an asset is depreciated on diminishing balance method in one year, the same method of depreciation be adopted in further years also. This is consistency. If better method is found out on the basis of research, etc. it must be followed and by following a better method, consistency convention is not an hindrance, but a note with proper reasoning for making a change must be made in the accounts so that the person dealing with accounting record may know about the change.
Adopting of same practice over and again is an old convention. At the time of birth and death both, certain formalities are adopted and these are adopted in each and every case, hence, there is consistency in religious and social custom also and the same has been adopted in accountancy. So consistency is a convention.
The most important advantage of it is, that it helps in intra-firm, inter-firm and pattern comparison of one year’s accounts with other year easily. It gives reliable results and is of great help to the management in the matter of planning.
4. Materiality: Accounting record should be made of all material facts and immaterial items may either be mixed with material items and then recorded or these may be ignored. This is a convention from very olden times, people talk about such matters and consider them, which has an effect on forming opinion. Thus, materiality is a very important convention which occupies not only a key position in accounting but also forms a base for accounting. Accountants of all the countries of world are adopting this convention.
Q.3. What are ‘accounting standards’? Discuss its benefits, functions and importance. Explain Accounting Standards in India with its functions.
Ans. Accounting Standards: Refer to Section-A,
Q.2. Benefits of Accounting Standards
Accounting standards have involved to curb the abuse of flexibility in the adoption of accounting policies by business enterprises. These standards help accounting practitioners to apply those accounting practices which are regarded as the most suitable for the circumstances covered. Further, they help individual companies and their managements to justify the adoption of certain practices when producing their financial statements.
1. To Improve the credibility and Reliability of Financial Statements: Financial statements of business enterprise are used by a diverse group of users for making sound economic decision. The users are shareholders (existing and potential), trade creditors, customers, suppliers, employees, taxation authorities and other interested parties. It is necessary, therefore, that the financial statements, which the users use and rely upon, present a fair picture of the position and progress of enterprise. It is the function of accounting (and auditing) standards to create this general sense of confidence by providing a framework within which credible financial statements can be produced. Accounting standards are required in order to meet the basic need of managers, investors and creditors to compare results and financial conditions of different segment of firms, different periods of a firm, different firms anu different industries.
2. Benefits to Preparers and Auditors: Preparers and auditors, with the passage of time and changing climate of opinion, have to work in an environment when they face the threat of stern sanctions and a bad name to their professions. These result partly from changed penalties and remedies available under the company law and partly from the greater willingness of aggrieved parties to take their causes before the courts. The risk of these developments are considerable to auditors whether in terms of uncovered financial exposure to liability or adverse effects on professional reputation resulting from unfavourable publicity. Particularly dangerous are causes of undetected fraud and audited accounts, which are held to be misleading due to insufficient disclosure or use of inappropriate accounting principles.
3. Determining Managerial Accountability: Accounting standards facilitate in determining specific corporate accountability and regulation of the company. They help in assessing managerial skills in maintaining and improving the profitability of the company, depicting the progress of the company, its solvency and liquidity. These standards aim to ensure consistency and comparability in place of uniformity in financial reporting to permit better comparisons in profitability, financial position, future prospects and other performance indicators associated with different business firms.
Functions of Accounting Standards Board
These are as follows:
1. The main function of ASB is to formulate accounting standards after considering the applicable laws, customs, usages and business environment so that such standards may be established by the council of institute in India.
2. ICAI is one of the members of International Accounting Standard Committee (IASC) and has agreed to support the objective of it. While formulating the accounting standards, ASB will give due consideration to International Accounting Standards Committee issued by IASC and try to integrate them, to extent possible, in light of the conditions and practices prevailing in India.
3. The accounting standards will be issued under the authority of the council of chartered Accountant of India. ASB has also been entrusted with the responsibility of propagating the accounting standards and persuading the concerned parties to adopt them in the preparation and presentation of financial statements.
Importance of Accounting Standards.
Refer to Section-A, Q.7.
Accounting Standards in India
The council of the Institute of Chartered Accountants of India constituted the Accounting Standards Board (ASB) in April 1977, recognising the need to harmonise the diverse accounting policies and practices in India and keeping in view the international development in the field of accounting. The ASB is entrusted with the following functions:
1. To formulate accounting standards which may be established by the council of ICAI. While
formulating standards, the ASB is required to take into consideration the applicable laws, customs and usages and business environment; it is also required to give due consideration to International Accounting Standard Committee issued by IASC and to integrate them, to the
extent possible, in light of conditions and practices prevailing in India.
2. To issue guidance notes on accounting standard and give clarification on issues arising therefrom.
3. To propagate the accounting standards and persuade the concerned parties to adopt them in preparation and presentation of financial statements.
Q.4. How accounting standards are developed in India? Give a list of accounting standards developed in India so far.
Ans. In India, the Institute of Chartered Accountants of India has been entrusted with the responsibility of formulating and issuing accounting standards so as to bring financial statements of companies in India in line with the International Accounting Standards (IAS). The Council of Institute of Chartered Accountants of India has Constituted an Accounting Standard Board (ASB) on 21st April, 1977 to formulate and issue accounting standards. The ASB is performing its function since then and has so far formulated and issued 32 accounting standards. While formulating and issuing accounting standards, it takes into account the applicable laws, customs, usage and business environment. It gives adequate representation to all the interested parties. The Board consists of representatives of industries, Company Law Board, Central Board of Direct Taxes and the Comptroller and Auditor General of India, etc.
For the purpose of formulation and issuance of an AS, First of all ASB determines the area in which AS is needed. In the preparation of accounting standard, ASB is assisted by Study Group constituted to consider specific subjects. ASB also holds dialogue with the representatives of the Government, Public Sector Undertakings, Industry and other organisations for ascertaining their views. After this, an exposure draft of the proposed standard is prepared and issued for comments by the members of the Institute and the public at large. After taking into consideration the comments received, the draft of the proposed standard is finalised by ASB and submitted to the Council of the Institute. Thereafter, the Council considers the final draft of the proposed standard and modifies, if necessary, the same in consultation with ASB. Then the accounting standard is issued on the relevant subject under the authority of the council.
List of Indian Accounting Standards
The Institute of Chartered Accountants of India has so far issued 32 accounting standards, out of which AS-8 on accounting for research and development has been withdrawn consequent to the issue of AS-26 on ‘intangible assets. Thus effectively, there are the following 31 accounting standards at present:
| AS – 1 | Disclosure of accounting policies. | |
| AS – 2 | Valuation of inventories. | |
| AS – 3 | Cash flow statement. | |
| AS – 4 | Contingencies and events occurring after the balance sheet date. | |
| AS – 5 | Net profit or loss for the period; prior-period items and changes in accounting policies. | |
| AS – 6 | Depreciation accounting. | |
| AS – 7 | Accounting for construction contracts. | |
| AS – 8 | Accounting for research and development (withdrawn). | |
| AS – 9 | Revenue recognition. | |
| AS – 10 | Accounting for fixed assets. | |
| AS – 11 | Accounting for the effects of changes in foreign exchange rates. | |
| AS – 12 | Accounting for government grants, | |
| AS – 13 | Accounting for investment. | |
| AS – 14 | Accounting for amalgamations. | |
| AS – 15 | Employees benefits. | |
| AS – 16 | Borrowing costs. | |
| AS – 17 | Segment reporting. | |
| AS – 18 | Related party disclosures. | |
| AS – 19 | Leases. | |
| AS – 20 | Earning per share. | |
| AS – 21 | Consolidated financial statements. | |
| AS – 22 | Accounting for taxes on income. | |
| AS – 23 | Accounting for investments in associates in consolidated financial statements. | |
| AS – 24 | Discontinuing operations. | |
| AS – 25 | Interim financial reporting | |
| AS – 26 | Intangible assets. | |
| AS – 27 | Financial reporting of interests in joint venture. | |
| AS – 28 | Impairment of assets. | |
| AS – 29 | Provisions, contingent liabilities, and contingent assets. | |
| AS – 30 | Financial instruments-Recognition and measurement. | |
| AS – 31 | Financial instruments–Presentation. | |
| AS – 32 | Financial instruments-Disclosures. |
Q.5. Discuss the following in brief:
1. Accounting standard-2 to valuation of inventories. 2. Accounting standard-6 depreciation accounting.(2014)
Or Explain AS-2 and AS-6.
(2015) Or How inventory is valued as per AS-2?
(2016)
Ans. 1. Accounting Standard-2: Accounting standard-2 is related to the valuation of inventories for the financial statements. Revised standard is effective from 1-4-1999 and is of compulsory nature. Following tangible assets/properties are included in inventories which are held:
(a) for sale in the ordinary course of business (i.e. finished goods).
(b) in the process of production for such sale (i.e. raw material and work-in-progress).
(c) for consumption in the production of goods or services for sale (i.e. consumables and maintenance supplies other than machinery spares).
Valuation of Inventories: AS-2 provides that inventories should be valued at lower cost and net realisable value. However, there are some exceptions for this rule, such as agriculture products, live stock, mineral oil, ores and gases, work-in-progress in construction contracts, shares, debentures and other financial instruments held as stock-in-trade. These are valued on the basis of net realisable value and the net realisable value may be above the cost. Cost of inventory includes: (a) Cost of purchase, b) Conversion cost, (c) Other cost incurred in the normal course of business in bringing the inventories pto their present location and condition. Cost of purchase includes purchase price, fees and taxes, arriage inward, other expenses directly attributable to the acquisition less trade discounts, rebates nd duty drawbacks and subsidies. Cost of conversion consists of the cost directly related to the units Ee. direct labour, direct material and direct expenses) plus fixed and variable production overheads scertained in accordance with either direct costing or absorption costing method.
Cost of inventories is valued by FIFO or Weighted Average Cost Method.
2. Accounting Standard-6 Depreciation Accounting: Accounting standard-6 is declared 6-Nov., 1982. Revised AS-6 is effective compulsorily from 1-4-1995. This standard explains the accounting for depreciation and disclosure of depreciation. AS-6 is applicable to all depreciable except goodwill, live-stock, expenditure on research and development and wasting assets such as oil wells, mines, natural gas, etc. Depreciable assets are those assets which are expected to be used during more than one accounting period, having a limited useful life and are held by an enterprise for use in the production or supply of goods and services and not for sale in ordinary course of business.
According to this AS-6, following main directions must be followed:
(a) Depreciation must be charged properly for every accounting period during the useful lifetime of the assets.
(b) Once a method of charging depreciation is selected, it must be used continuously every year unless it is not necessary and justified to change the method.
(c) When a change in the method of depreciation is made, depreciation should be recalculated in accordance with the new method from the date of the assets coming into use. The deficiency or surplus arising from retrospective recomputation of depreciation in accordance with the new method should be adjusted in the accounts in the year in which the method of depreciation is changed.
(d) If any depreciable assets is disposed of, discarded, demolished or destroyed, the net surplus or deficiency should be credited/charged to P&L A/c and disclosed separately.
(e) Rate of depreciation should be maintained in case of addition to assets.
(f) Method and rate of depreciation should be shown compulsorily in the financial statements. Q.6. Write a note on international accounting standard.
Ans. International Accounting Standards: In 1973, a committee known as International Accounting Standards Committee was formed to standardise accounting policies and practices throughout the world. This committee formed a body known as International Accounting Standard Board, of which India is a member, to issue International Accounting Standards for the preparation and presentation of financial statements. This board has so far issued 41 Accounting Standards, a large number of standards have been revised and 12 superseded are deleted, hence, effectively there are 29 IAS now. A list of which, together with corresponding AS issued by ICAI is given below:
| IAS 1 | Presentation of financial statements | AS – 1 |
| IAS 2 | Inventories | AS – 2 |
| IAS 7 | Cash flow statements | AS – 3 |
| IAS 8 | Accounting policies, change in accounting estimates and errors | AS – 5 |
| IAS 10 | Events after the balance sheet date | AS – 4 |
| IAS 11 | Construction contract | AS – 7 |
| IAS 12 | Income taxes | AS – 22 |
| IAS 16 | Property, plant and equipment | AS – 10 & AS- 6 |
| IAS 17 | Leases | AS – 19 |
| IAS 18 | Revenue | AS – 9 |
| IAS 19 | Employee benefits | AS – 15 |
| IAS 20 | Accounting for govt. Grants and disclosure of government assistance | AS – 12 |
| IAS 21 | The effects of changes in the foreign exchange rates | AS – 11 |
| IAS 23 | Borrowing costs | AS – 16 |
| IAS 24 | Related party disclosures | AS – 18 |
| IAS 26 | Accounting and reporting by retirement benefits plan | |
| IAS 27 | Consolidated financial statements and accounting for investment in subsidiaries | AS 21 |
| IAS 28 | Accounting for investments in assoiates | Partly convered by |
| IAS 29 | Financial reporting in hyper inflationary economics | AS – 23 |
| IAS 31 | Financial reporting of interest in joint ventures | |
| IAS 32 | Financial instruments: Presentation | AS – 31 |
| IAS 33 | Earnings Per share | AS – 20 |
| IAS 34 | Interim financial reporting | AS – 25 |
| IAS 36 | Impairment assets | AS – 28 |
| IAS 37 | Provisions, contingent liabilities and contingent assets | AS – 4 |
| IAS 38 | Intangible assets | AS – 26 |
| IAS 39 | Financial instruments: Recognition and measurement | AS – 30 |
| IAS 40 | Investment property | Partly covered by AS – 13 |
| IAS 41 | Agriculture |
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