student help-book for commerce aspirants
CA Foundation
Paper 1 :
Principles and Practice of Accounting
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Practice before writing your exam
Series -1
Series -2
Mock Test Paper-1
Mock Test Paper-2
Question Paper -2021(dec)
Question Paper -2021(july)
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Test your preparation
Question1:
State with reasons whether the following statements are True or False:
(I)Prior Period Items need not be separately disclosed in the current statement of profit and loss.
(ii)Capital + Long Term Liabilities= Fixed Assets + Current Assets + Cash- Current Liabilities.
(iii) The sale value of the by-product is credited to Trading Account.
(iv) Discount at the time of retirement of a bill is a gain for the drawee.
(v)If a partner retires, then other partners have a gain in their profit sharing ratio.
(vi)Net income in case of persons practicing vocation is determined by preparing profit and loss account
Question2:
Discuss the limitations which must be kept in mind while evaluating the Financial Statements