Accounting Standards in India

Accounting Standards in India

AS 1  Disclosure of Accounting policies

AS 2  Valuation of Inventories

AS 3  Cash flow statement

AS 4  Contingencies and Events occurring after the Balance sheet

AS 5  Net profit or loss for the period, prior period item and changes in Accounting Policies

AS 6  Depreciation of Accounting

AS 7  Accounting for construction contracts

AS 8  Accounting for research and Development

AS 9  Revenue Recognition

AS 10 Accounting for Fixed Assets

AS 11 Accounting for the effects of changes in foreign exchange rates

AS 12 Accounting for Government grants

AS 13 Accounting for investment

AS 14 Accounting for Amalgamations

AS 15 Accounting for retirement benefits in the financial statement of employers

AS 16 Borrowing costs

AS 17 Segment Reporting

AS 18 Related party Disclosures

AS 19 Leases

AS 20 Earning per share

AS 21 Consolidated Financial statements

AS 22 Accounting for taxes on Income

AS 23 Accounting for Investments in associated in consolidated financial statements

AS 24 Accounting for discontinued operations

AS 25 Interim Financial Reporting

AS 26 Intangible assets

AS 27 Financial Reporting of interests in joint ventures

AS 28 Impairment of assets

Accounting Principles

 1. Dual Aspect                                                                     According to this concept each and every business transactions has two aspects. This is also known as Accounting Equivalence concept.

2. Varifiability and Objectivity Principle                       This Principles says that the accounting data provided in the books of accounts should be verifiable and dependable. The figures exhibited in the financial statements should have supportive evidences such as bills and vouchers.

3. Historical Cost                                                                 Historical Cost Principles requires that all transactions should be recorded at their acquisition of cost . The acquisition of cost refers to the cost of purchasing the assets and expenses incurred in bringing the assets to the intended condition and location of use.

4. Revenue Recognition Principle                                      Revenue is the amount that a business earns through sale of goods or services. Revenue is recorded at the time when the title of goods passes from the seller to the buyer.

5. Matching Principle                                                             As per the Matching Principle only those expenses pertaining to the current accounting period must be matched against the revenue relating to the same period

6. Disclosure Principles                                                          This Principle States that the published financial statements must fully disclose the true and fair view of the state of affairs of the concern for a particular period or on a particular date.

Accounting Assumptions or concepts

Accounting assumption or concept refer to necessary assumptions or conditions on which the accounting system is based. Assumptions provide a foundation for the accounting process.

1.Accounting entity concept                                                        Accounting entity concept assumed that business unit is business unit is distinct and completely separate from the owners.

2.Money measurement concept                                                  In this concept, transactions that can be measured in terms of money only are recorded in the books of accounts

3.Going concern concept                                                              Under this concept the business unit is assumed to have an indefinite life. It is States that the business organisation is treated as a continuing one for long time.

4.Accounting period concept                                                          The period of interval for which Account is kept for ascertaining the result of business during the period is called Accounting period                                                  

              

Basic Terms in Accounting Part 2

 Income                                                                                Income is the increase in the networth of the organisation either from business activity or other activities

Expenses                                                                                The amount spent in the process of earning revenue is called as expense. Rent, wages, salaries,water charges, electricity charges are the examples of expenses.

Loss                                                                               Loss is the gross decrease in the assets or gross increase in liabilities.

Profit                                                                               Profit is the excess of revenue over expenditure in an accounting year.

Purchase                                                                               The total amount of goods procured by a business concer for cash or on credit for the purpose of sale or use is known as purchases

Sale                                                                               The income earned from the sale of goods or services rendered. The amount received from the sale of fixed assets is not treated as sales

Debtors                                                                              Debtor is a person who owe money to the business

Creditor                                                                               Creditor are person who claim for money against the business for any goods supplied or services rendered by them on credit

Basic Terms in Accounting Part 1

Assets : Assets are things of value owned by                the business

1. Fixed assets : The assets which is intended to be used for long period or above one year

• Tangible assets: These are assets having         definite shape and physical existence      

• Intangible assets: Assets having no physical existence but are represented by rights in certain things

• Wasting assets: Assets which get exhausted to the extent of extraction

• Fictitious assets: These have no real value but are shown in the books of accounts only for technical reason

 2. Current Assets : Current Assets are those       assets which can be converted into cash       within a short period of time

 3. Capital : Money or money's worth                   invested by the owner into the business

 4. Drawings : The amount of cash or other         assets withdrawn by the owner of the           business

 5. Revenue : The amount earned by selling       its products or services

 6. Voucher : It is the documentary evidence
     of transaction

 7. Liabilities : Liabilities are the obligations

     or debt payable the company in future in       the form of money or goods

• Fixed Liabilities :  Liabilities which are payable after a long period or above one year.                     

• Current Liabilities :   Liabilities which are payable within a short period or less than one year

CSEB Previous Question 3

1 . Father of Indian co operation ?

     Ans : Federic Nicholson

2.  Where is KICMA situated ?

     Ans : Neyyar Dam

3.  Vice chairman of CAPE ?

     Co operative minister

4.  A scheduled bank in co operative sector
     in Kerala ?

     Ans : Kerala State Co operative Bank

5.  Who can cancel the crossing of
     of a cheque ?

     Ans : Drawer

6.  Exim Bank was established in the year ?

     Ans : 1982

7.  The undeclared dividend will be shown.         in ?

 

     Ans : Liability

8.  NCCT was established in the year ?

     Ans : 1976

9.  IPO means ?

     Ans : Initial Public Offer

10.  NABARD was established as per the                  recommendation of ?

        Ans : Sivaraman committee 

11.  Full form of ATM ?

       Ans : Automated Teller Machine

12.  Auditors create provision for ? 

       Ans : Overdue

13.  Another name for qualitative credit                 control ? 

   

       Ans : General credit control

14.  The first marketing society in India ?

        Ans : Hubli

15.  GAAP means ?

        Ans : Generally Accepted Accounting                           Principles 

16. NCDC established in ? 

       Ans :  13-03-2021

17. Full form of CASA ?

      Ans : Current Account Saving Account

18. An audit made compulsory by law is

      called ?

       Ans : Statutory audit

19. Audit notebook is kept by ? 

      Ans : Auditor

20. Demand draft valid for a period of ? 

       Ans : Three months

21. The main source for the profit of a bank

       is ? 

       Ans : Interest

22. The certificate issued by the notary

      public on behalf of a dishonoured bill is

      known as ?

      Ans : Protest

23. The rate of depreciation to be charged on

       land owned by the society ?

       Ans : zero

24. Arrangement of work between clerks 

      known as ? 

      Ans : Internal check

25. Reserve for doubtful debts is ?

       Ans : Charge against profit

26. The source document for purchase

       return ? 

       Debit Note

27. The relationship between consignor and 

       consignee ? 

       Ans : Principal and agent

28. Depreciation due to change in technology

      or change in fashion ? 

 

       Ans : Obsolescence

29. Cost of services and things used for

      earning revenue ? 

        Ans : Expense 

30. First column in the petty cash book ? 

      Ans : Receipt

31. When a banker accepts valuables for

       safe custody, the banker become ? 

   

       Ans : Bailee 

32. A derived deposit is opened with the 

      initiative of ? 

      Ans : Banker

33. The document which contains the terms 

      and conditions of partnership ? 

      Ans : Partnership deed

34. The bailment of goods as security for 

      payment of a debt or performance of a 

      promise is called as ? 

      Ans : Pledge 

35. Headquarters of Labour fed located at ? 

      Ans : Thiruvananthapuram

36. Affiliation fee to the State Co operative

      Union is calculated on ? 

      Ans : Share capital

37. The Minimum Borrowing Power of a co 

      operative society is fixed as per ? 

      Ans : Byelaw

38. The first urban Co operative society in 

      India ? 

      Ans : Kanjeevaram

39. The member secretary of All India Rural 

      Credit Review Committee ? 

       Ans : NSR Sastri 

40. Rule 16 A related with ? 

       Ans : Identity Card

41. The section related to the bye law 

      amendment in a co operative society ? 

      Ans : 12

42. The Heddesdrorf Loan Society founded 

       in the year ? 

       Ans : 1864

43. The account which increased by a debt 

      entry ? 

       Ans : Sales return

44. The authority which is responsible for 

       the collection and utilisation of co 

       operative education fund ?

 

        Ans : State Co operative Union 

45. The duty of a sale officer in a 

       co operative society is ? 

       Ans : Conduct attachment and sales

46. The un called partners of share capital 

      set apart to be called only at the time of 

      liquidation ? 

      Ans : Reserve capital

47. Negotiable Instrument Act came into

      force on ?

       Ans : 1st March 1882 

48. GST means ?

       Ans : Goods and Service Tax

49. The unclaimed dividend will be 

       shown as ?

       Ans : Liability

50. Cost of services and things used for 

      earning revenue ?

      Ans : Expense

CSEB Previous Question 2

1. Fixed deposit are also called as ?

    Ans : Term deposit

2. The matters to be discussed in a meeting?

     Ans : Agenda

3. Co operative common wealth introduced
     by?
 
     Ans : D R Gadgil

4. The headquarters of NCDC at ?

     Ans : Newdelhi

5. Chief executive of RBI is called as ?

    Ans : Governor

6. One man one vote principle was
     recommended by ?

    Ans : Mac Lagan

7. Winding up of a co operative society m
     means ?
 
     Ans : Liquidation

8. Production bonus is related with ?

    Ans : Dairy co operatives

9. Registration of partnership is ?

    Ans : Optional

10 . World Bank and IMF are ?

    Ans : Brettonwood twins

11 . Headquarters of consumerfed is in ?

     Ans : Ernakulam

12 . In 1920, Land Mortgage Bank was first
       established in ?

      Ans : Jhang

13. A S 2 deals with ?

      Ans : Inventory

14. Carriage inward appear in ?

      Ans : Debit side of Trading account

15. Every society shall transfer atleast this

      much portion of net profit to

      Reserve fund ?

   
      Ans : 15%

16. Wholesale society KF was originated in ?

      Ans : Sweden

17. What is also called plastic money ?

       Ans : Credit card

18. NDDB set up for the development of
      which product ?

      Ans : Dairy

19. Co operative flag designed in ?

      Ans : 1921

20. KCS Act came into effect from ?

      Ans : 15/05/1969

21. Co operative flag designed by ?

      Ans : Charles Gide

22. Each for all and all for each coined by ?

      Ans : F W Reiffesen

23. Book of original entry ?

      Ans : Day book

24. IRDB set up in ?

     Ans : 1945

25. Which committee known as
      co operative planning committee ?

      Ans : Sarayia Committee 

26. Exicutive body of NCDC ? 

      

       Ans : Managing committee  

                 ( including  12  members ) 

27. Implementing agency of ICDP ? 

       Ans : DCB's

28. RuPay card launched in the year ?

       Ans : 2012

29. Vyasa stores are run by ?

      Ans : Matsya fed

30. Where was the origin of folk high school?

      Ans : Denmark

31. ICA ROAP was inaugurated in the year ?

      Ans : 14 - November 1960

32. In India co operative week celebrated

      first in the year ? 

      Ans : 1954

33. Induscos is related to co operative

      Movement in ? 

      Ans : china

34. Apex level special commodity marketing

      society in Kerala ? 

      Ans : Rubbermark

35. Minimum amount payable as education

      fund by a co operative society out of net

      profit is ?

      

       Ans : 2000

36. In an apex Society ,nominees as per 

      section 31 are appointed by ?

      Ans : Government

37. Model bye law are framed by ?

       Ans : Registrar

38. Receipt and payment account of non

      trading concern is a summary of ? 

       Ans : cash book

39. Credit balance in passbook indicates ?

       Ans : Deposit

40. Source document for Credit sales of                   goods ?

       Ans : Copy of invoice

41.Petty cash book is maintained to record ?

     Ans : Small payments

42. Reserve for over due interest is shown ?

      Ans : Debit side of profit and loss A/c

43. Output based wages is known as ?

       Ans : Piece rate wages

44. Provision for bad debts is a ?

      Ans : Income

45. The headquarters of IFCI is located at ?

       Ans : New Delhi

46. When a noting charge paid by Drawer ,

       the account to be debited is ? 

       Ans : Drawee

47. Garnishee order is issued by ? 

       Ans : Civil Court

48. If there is economic deflation bank rate          will be ? 

        Ans :Reduced

49. Reserve fund is created out of ? 

       Ans : Net profit

50. Team audit introduced in the year ? 

       Ans : 1988

CSEB Previous Question 1

1.Who is the father of co operation ?

       Ans : Robert Owen

2. Closing stock is a ?

       Ans : Asset

3. NABARD is a ?

       Ans : Development Bank

4. Village level Dairy co operative Societies        are known as ?

       Ans : Apcos

5. Bank without any branch is called as ?

       Ans : Unit Bank

6. All expenses account are known as ?

       Ans : Nominal Account

7. First Development Bank in India ?

       Ans : IFCI

8. The largest fertilizer factory in Asia ?

      Ans : IFFCO

9. Section 9 of NI Act deals with ?

      Ans : Holder in due course

10. Grameeya is the half yearly publication          of ?

      Ans : NABARD

11. Father of co operative credit Movement?

      Ans : FW Reiffesen

12. Protest is issued by ?

      Ans : Notary public

13. Village adoption scheme is related with?

        Ans : SBI

14. The supreme body of NCDC ?

      Ans : General Council

15. Village Co operatives were founded by ?

      Ans : Robert Owen

16. The apex institution in the field of                     industrial finance ?

      Ans : IDBI

17. Debit in asset means ?

      Ans : Increase

18. Depreciation for property and building?

      Ans : 2.5%

19. Cash reserve ratio is determined by ?

      Ans : RBI

20. Depreciation of iron mine due to ?

      Ans : Depletion

21. Cancellation of shares is called as ?

      Ans : Forfeiture

22. Which banks are called as Romance of            co operation ?

      Ans : Urban Banks

23. An agreement enforceable by law is                called ?

      Ans : Contract

24. Miscellaneous journal means ?

      Ans : Journal proper

25. A group of account is known as ?

      Ans : Ledger 

26. Accounting Principles are based on ? 

      Ans : Practicability 

27. Purchase return is called as ?

      Ans : Return outward 

28 . Gross block means ? 

      Ans : Fixed Assets 

29. In which year FEMA replaced as FERA ? 

      Ans : 2000 

30 . Bank of Hindustan established in the 

        year ?  

      Ans : 1770 

31 . Full form of TDS ? 

       Ans : Tax Deducted at Source 

32 . The date in which bill of exchange

        become payable is ? 

       Ans : Due date 

33 . The compulsory audit in co operative 

        society is ? 

        Ans : Final audit 

34 . What is TNUVA ? 

        Ans : Central marketing co operative for 

                   agricultural products in Israel 

35 . Indian Co operative Review is a 

       publication of ? 

       Ans : NCUI 

36 . The major source of revenue of a 

        business is ? 

      Ans : Sales 

37 . Tour Fed was established in the year ? 

     Ans : 2011

38 . Another name for quantitative credit

       control is ? 

     Ans : General Credit Control 

39 . Audit the accounts of the co operative 

       society is the responsibility of ? 

      Ans : Managing committee 

40 . Wilfully created mistakes are ? 

      Ans : fraud

41 . National Co operative Development 

       Fund is administered by ? 

       Ans : NCDC 

42 . Banking companies Act passed in the

        year ?

 

        Ans : 1949 

43. Maximum audit fee for co operative

      Societies in Kerala ? 

       Ans : One lakh

44. The book of final entry ?

       Ans : Ledger

45. The liability of partnership is ?

       Ans : Unlimited

46. In a co operative society liability in

      balance Sheet are arranged in the order

      of ?

      Ans : Permanency

47. The book ' century of co operation '

      written by ?

       Ans : GDH Cole

48. Headquarters of KRIBHCO situated at ? 

       Ans : Noida

49. Regional Rural Banks established in ? 

        Ans : 1975

50. The promoters committee consists of ?

        Ans : 3 - 5 members

IMPORTANT YEARS IN FOREIGN CO OPERATION

Birth of Robert Owen - 1771
Birth of Charles Fourier - 1772
Birth of William King - 1786
Birth of Schulze - 1808
Birth of F W Reiffesen - 1818
The economist published - 1821
Co operator published - 1828
Rochdale Equitable Pioneer Society - 1844
Schulze bank started - 1850
Industrial Provident Societies Act - 1852
Birth of Horace Plunkett - 1854
Reiffesen Societies started - 1862
Co operative whole sale stores started in England - 1863
Reiffesen union started - 1877
ICA established in Britain - 1895
Co operative flag designed - 1921
Co operative flag adopted - 1923
ICA accepted co operative principles - 1937
Reformulated co operative principles - 1966
ICA headquarters shifted to Geneva - 1982
ICA accepted the 7th co operative principle at Manchester - 1995
ICA new Flag - 2001
International Year of Co operation - 2012
ICA new logo - 2013

STATE CO OPERATIVE UNION

• State co operative union of Kerala established on 21 November 1970 

• Headquarters Sanastha Sahakarana Bhavan in Thiruvananthapuram  

• Monthly publication of State Co operative union is Co operative Journal  

• Co operative journal published in year 1952 

• Kerala Institute of Co operative Management (KICMA ) is an institution functioning under the control of State co operative union  

• KICMA formed in 1999  

• Headquarters of KICMA is at Neyyar Dam 

• State co operative union is the custodian of Education fund  

• Cochin co operative institute, North malabar co operative union and Travancore co operative institution were together to form Kerala State Co operative union  

• Cochin co operative Institute established in 1930  

• North Malabar Co operative union formed in 1932  

• Travancore co operative institution established in 1947  

• Section 89 of KCS Act related with State Co operative union  

• State co operative union is a statutory body  

• Chairman of State Co operative Union is Registrar of Kerala  

• Secretary of State Co operative Union is Additional Registrar  

• State Co operative Union have elected general body and managing committee  

• State co operative union managing committee have 23 member including 2 nominated by the Government  

• Quorum of Managing committee is 12  

• For convening general body meeting the State Co operative union must give 15 days notice in advance  

• For convening Managing committee State co operative Union must give 7 days notice in advance  

• General body meeting and Managing committee presided by the Registrar  

• Period of Managing committee 5 year  

• All co operative Societies in Kerala affiliated with State co operative union  

• Affiliation fees payable to State Co operative Union  

• Minimum Affiliation fees is 100 rupees and maximum is 2000 rupees.

• A new co operative society affiliated with State co operative union within 6 months from the date of registration  

• Affiliation fee is calculated on the basis of paid up share capital  

• State co operative union have no audit fee  

• Audit of State co operative union conducted by Director of Co operative Audit ( DCA )