BBA/B.Com Indian Accounting Standards June 2024

Description

Indian Accounting Standards

June 2024 Examination

 

 

Q1. The cost of machine is Rs. 10, 00,000. Estimated residual value is Rs.100, 000/- The machine has an expected production of 150000 units during its useful life.  Calculate the amount of depreciation using unit of production method. Every year machine produces 5000 units.   (10 marks)

Ans 1.

Introduction:

The unit of production method is a depreciation technique that allocates the cost of an asset based on its actual usage or production levels. Unlike traditional methods that depreciate assets evenly over time, the unit of production method recognizes that some assets may be used more intensively in certain periods, leading to higher depreciation expenses during those times. This method is particularly suitable for assets whose productivity or utility is better measured by their output or usage, rather than the

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Q2. There are different investment avenues & every investment avenue have its own feature. Some investments have no physical presence & are only represented by certificate.   Every investor needs maximum return. As an investor what will be your aim of investment? (10 marks)

Ans 2.

Introduction:

Investing is a fundamental aspect of financial planning, offering individuals and organizations the opportunity to grow their wealth over time. With various investment avenues available, each offering unique features and risks, investors must carefully consider their objectives and risk tolerance. One of the primary aims of investing is to maximize returns, which involves seeking opportunities that offer the highest potential for profit while managing risks. This aim is influenced by factors such as risk appetite, investment horizon, financial goals, and market conditions. Understanding these factors is essential for investors to make informed decisions and develop a sound

 

 

Q3a. Accounting policies refer to specific accounting principles, specific techniques are applied in the creation & presentation of financial statement. Explain considerations while Selecting Accounting Policies.       (5 marks)

Ans 3a.

Introduction:

Accounting policies are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements. These policies play a crucial role in determining how transactions are recorded, measured, and reported, ultimately influencing the financial statements’ quality and reliability. Selecting appropriate accounting policies is essential for ensuring the financial statements accurately reflect the entity’s financial position and performance.