Explain briefly with appropriate example the Money measurement concept.

4

(a)

Explain the meaning and significance of Accounting Entity Principle.

4

(a)

Explain the Accounting Period Concept.

4

(a)

What is meant by Accounting Standard? State any two benefits of it.

4

(a)

Describe the status of IFRS in India.

4

(a)

Explain any three of the following with examples.
(i) Money Measurement Concept
(ii) Principle of full Discloser
(iii) Accounting Standards
(iv) Principle of Dual Aspect

6

(a)

Why is it important to adopt consistent basis for the preparation of financial statements? Explain.

6

(a)

Discuss the concept based on the premise do not anticipate profits but provide for all losses.

6

(a)

What is matching concept? Why should a business concern follow this concept?

6

(a)

What is the money measurement concept? Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year?

6

(a)