π Tip of the Day for CA Foundation π
β¨ *Focus on Concepts, Not Just Formulas!*
Understanding the "why" behind each topic will help you solve tricky questions with ease β especially in Accounts and Law. π‘
β Revise smart, not just hard!
#CAFoundation #StudySmart #ConceptClarity #DailyTip
β¨ *Focus on Concepts, Not Just Formulas!*
Understanding the "why" behind each topic will help you solve tricky questions with ease β especially in Accounts and Law. π‘
β Revise smart, not just hard!
#CAFoundation #StudySmart #ConceptClarity #DailyTip
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β§'*Corporate and Other Laws: Prospectus and Dividend - Writing Practice*'β§
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πͺ "Tough times never last, but tough Chartered Accountants do!" ππ₯
Keep grinding β every balance sheet you solve brings you one step closer to success!
Keep grinding β every balance sheet you solve brings you one step closer to success!
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π Accrual Concept β Short Note (CA Intermediate)
The Accrual Concept is a fundamental accounting principle that states:
πΉ Revenues and expenses should be recognized in the period in which they are earned or incurred, not when cash is received or paid.
π Key Aspects:
- Income is recorded when earned, regardless of actual cash receipt.
- Expenses are recorded when incurred, not when paid.
- Ensures that financial statements reflect the true financial position and performance of an entity.
π Example:
If a company sells goods in March but receives payment in April, the revenue is recorded in March (the month of sale).
β Why it Matters:
- Accrual accounting provides a more accurate picture of an entity's financial activities.
- It is mandatory under AS & Ind AS for most business enterprises.
The Accrual Concept is a fundamental accounting principle that states:
πΉ Revenues and expenses should be recognized in the period in which they are earned or incurred, not when cash is received or paid.
π Key Aspects:
- Income is recorded when earned, regardless of actual cash receipt.
- Expenses are recorded when incurred, not when paid.
- Ensures that financial statements reflect the true financial position and performance of an entity.
π Example:
If a company sells goods in March but receives payment in April, the revenue is recorded in March (the month of sale).
β Why it Matters:
- Accrual accounting provides a more accurate picture of an entity's financial activities.
- It is mandatory under AS & Ind AS for most business enterprises.
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Ready to conquer Corporate & Other Laws? πΌπ₯
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πͺ Donβt miss this golden opportunity to level up your prep!
Ready to conquer Corporate & Other Laws? πΌπ₯
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π Live on CA Intermediate by PW
β All concepts, all sections β crisp and exam-oriented!
πͺ Donβt miss this golden opportunity to level up your prep!
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Q1. Which of the following is NOT true in the context of AS 10 (Property, Plant and Equipment)?
Anonymous Quiz
42%
A) Revaluation reserve can be transferred directly to general reserve.
26%
B) Component accounting is not mandatory under AS 10.
16%
C) Costs directly attributable to bringing the asset to the location and condition for use are capit
16%
D) Dismantling cost is included in the cost of the asset.
Q2. A company wants to alter its Articles of Association. The alteration will be effective only if:
Anonymous Quiz
43%
A) It is filed with the Registrar within 30 days.
21%
B) It is passed by an ordinary resolution.
22%
C) It does not violate any provisions of the Memorandum of Association.
14%
D) It is approved by the Board of Directors.
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Q3. If the selling price per unit is βΉ100, variable cost per unit is βΉ60, and fixed costs are βΉ40,000, how many units must be sold to earn a profit of βΉ20,000?
Anonymous Quiz
12%
A) 1,000 units
62%
B) 1,500 units
21%
C) 2,000 units
5%
D) 3,000 units
Q4. A resident individual receives a gift of βΉ60,000 in cash from a friend and a painting worth βΉ80,000 from another friend during the previous year. What is the amount taxable under the head "Income from Other Sources"?
Anonymous Quiz
9%
A) βΉ0
18%
B) βΉ60,000
10%
C) βΉ80,000
63%
D) βΉ1,40,000
Hello, Students! π *You're invited!* π
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For the grand launch of the *PW SuperClass Centre*β*Patna*! π
π Date: April 20th, 2025
π Venue: Darbari Govind Complex, 1st Floor, West Boring Road, Canal Rd., Patna β 800001
Join us for an unforgettable day with:
β¨ Faculty Interactions | πA peek into the learning space | π Big *surprises* |
π *Free Refreshments* | π€ Chance to meet *Nitin Goel Sir* & *Much More*β¦β¦
π UP TO *100% Scholarship* + *π Demo Classes Are Available*
Launch Offer: *UP TO 50% Off*π₯³
π₯ Limited seats βDonβt miss out!
π Fill the form now π
https://forms.gle/6cJAH5hy9dTZaSw1A
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β§'*Income Tax And GST Topper's Answer Writing Sheet*'β§
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πYour Key To Cracking
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πThe CA Final May 2025 Exam
π₯ Super Revision Marathon Playlist!!
Book Your Seat Now!! ππ» https://www.youtube.com/watch?v=VyEKRGJ1EBA