1. Assignment
Financial Accounting
Date of Submission: 29th
October 2012
Q.1 what is the difference between Revenue Receipt and Capital Receipts?
Q.2 what is the difference between Revenue expenditure and Capital expenditure?
Q.3 Write short notes on following accounting standards:
 AS-1 Disclosure of Accounting Policies
 AS-2 Valuation of Inventories
 As-3 Cash Flow Statement
 As-5 Net Profit or loss for the period, prior period items and changes in
accounting policies
 AS-6 Depreciation Accounting
 AS-9 Revenue Recognition
 As-10 Accounting for Fixed assets
 As-22 Accounting for Taxes on Income
Q.4 What is Inflation Accounting? What are the objectives, Merits & Demerits of
Inflation Accounting?
Q.5 Explain different methods of maintaining Inflation Accounting?