Financial Accounting Question Paper FA No 3: Test on Accounting Concept & Regulatory Framework


FA Test Paper FA No 3

Test On Accounting Concept & Regulatory Framework




Mr X, the sole proprietor of Company XY does not list his personal house on the balance sheet of Company XY



Company A included a disclosure note describing a lawsuit it is defending even though the suit has not yet been settled



Company B records revenue when products are delivered and services being rendered, even though cash has not yet been received.



Company A amortizes the cost of a trade mark over the trade mark’s useful life.



Company X depreciates the cost of its equipment rather than the replacement value of the equipment.

Refer to Answer to FA No 3.

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