Forums
As 11
Accountancy
answered on 12-May-22 18:30
How to identify that this is a speculative transaction
latest answer
Because it is not used to hedge
Gauri Shete
CA Final
★ 5K+
4
404
Exemptions
Exams
answered on 12-May-22 16:13
Whether I must apply for exemption again? I have already applied while filling the application form for exam. Is it enough?
latest answer
No further action needed.
Nivedha Balaji
CA Final
★ 9K+
5
505
Profit or loss pre and post inc.
Accountancy
answered on 12-May-22 16:05
If in this case if the loan was taken on 1st November instead of 1st September than will there be any change in distribution of interest in pre and post period and if yes then what will be the amt. Transferred to pre and post period
latest answer
Yes..post incorporation
Harsh Mittal
CA Final
★ 1K+
7
385
Inventory
Accountancy
answered on 12-May-22 14:03
Sir can we do trading account for calculating closing stock and provide other details in statement format like for abnormal items and calculate closing stock in trading account? I am referring to illustration8
latest answer
Yes. It can be done using that formula.
Sugam SM
CA Final
★ 9K+
4
466
Competitive Strategy
Strategic Management
answered on 12-May-22 14:32
Is porterâ??s five forces model part of syllabusâ?¦
latest answer
Okayâ?¦.Thanks
Swetha S
CA Inter
★ 15K+
8
456
Audit procedure
Auditing
answered on 12-May-22 13:59
Can anyone explain the difference between 1. Test of Control 2. Test of Details 2. Substantige analytical procedures In simple terms to understand
latest answer
Consider this example: Payment of Rent (a)Test on Controls: In a company you are not allowed to pay rent on a random basis. The company has to design a procedure which needs to be followed for payment of rent. E.g. Step 1: Get an Invoice from an owner Step 2: Invoice to be checked by the cashier Step 3: Issue a cheque for payment. Now an Auditor should ensure that the company is following this procedure every time a payment for rent is made. This he can do by observing whether the cashier actually checks the invoice or see if cheque is issued. (b)Test of Details: The auditor may insist the management to provide a copy of Rent Agreement to check whether the amount of rent was properly paid. The auditor can also obtain a copy of invoice and study it in depth to ascertain various factors like date of invoice, name of the party issuing invoice. This is test of details. (c) Substantive Analytical Procedure: This is basically doing ratio analysis. Say the rent per month is 1.5 lacs. So the auditor may try to estimate the rent per year and match that amount appearing in the FS. i.e. 1.5 lacs * 12 months. This is analytical procedure.
Manoj Raj
CA Final
★ 12K+
4
428
Analytical procedures
Auditing
answered on 12-May-22 14:05
Can anyone please explain this last point related to unsophisticated predictive model. What does it mean?
latest answer
This would probably mean random estimates without any well defined structured methods for estimation. Say an auditor has to apply analytical procedure for estimation of the amount of oil consumed by a machine. Here if the auditor has experience of this industry he can randomly say 150 litres without any calculation.
Manoj Raj
CA Final
★ 12K+
1
918
AS10
Accountancy
answered on 12-May-22 16:12
Flight is the asset is already recognised, now some seats are added in that . Then whether this should be added to the cost of flight Or it can be separately recognised as an asset?(assume it met all the condition as per As 10) If added to the cost flight ,please give me any example where it can be separately recognised as an asset? Please help me with this regard
latest answer
You will capitalise it to the main asset. You will also derecognise existing seats. For depreciation purpose - follow component model.
Subash Chandrabose
CA Final
★ 32K+
4
380
Exemption
Exams
answered on 12-May-22 16:33
I'm attending 1st group + advanced accounts for this attempt. So , if i have to claim exemption for adv accounts , is it necessary for me to attend the other 3 papers of group 2?
latest answer
Yes it is mandatory
Azmi RZmi
CA Final
★ 10K+
3
474
Section
Corporate & Other Laws
answered on 12-May-22 11:45
I had made list of all sections now ma'am what should I remember all of them or don't don't waste time for that
latest answer
More or less he has conveyed the essence. Good to have list of important ones on a separate sheet. Don't spend special time on learning all, as you revise you will eventually remember the important ones. And as Jayakrishnan mentioned, don't quote them wrong if you don't recall. In such cases, you can mention - As per provisions of ......... Act,
Nai Jay
CA Inter
★ 7K+
5
403