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Accounting Policies Revision Notes

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CPTSuccess Revision Notes – Fundamentals of Accounting Chapter 1. Accounting an Introduction Unit 4: Accounting Policies
Chapter 1. Accounting an Introduction Unit 4: Accounting Policies ,[object Object]
Accounting policies are diverse and there is no unified and exhaustive list of accounting policies which can have universal application.
Selection of accounting policies should be based upon
Prudence

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Accounting Policies Revision Notes

  • 1. CPTSuccess Revision Notes – Fundamentals of Accounting Chapter 1. Accounting an Introduction Unit 4: Accounting Policies
  • 2.
  • 3. Accounting policies are diverse and there is no unified and exhaustive list of accounting policies which can have universal application.
  • 4. Selection of accounting policies should be based upon
  • 7. Materiality© Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com
  • 8.
  • 9. The accounting policies are followed consistently from one period to another; a change in accounting policy can happen in following circumstances only:
  • 10. To bring the books of accounts in accordance with the issued Accounting standards
  • 11. To comply with the provisions of the law
  • 12. When under changed circumstances it is felt that new method will reflect more true and fair picture in the financial statement. © Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com
  • 13.
  • 14. Methods of depreciation, depletion and amortization
  • 15. Valuation of Inventories, Goodwill, investments and fixed assets
  • 16. Treatment of retiral benefits
  • 17. ICAI has been trying to reduce the number of accounting policies through guidance notes and AS© Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com