Accounting ProcessQuestion 4656 of 84
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Accounting Standards can override the statute. [June 2024, 2 Marks]

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Detailed Solution & Explanation

False: Accounting Standards cannot override the statute as they are framed within the statute. UNIT – 1 to UNIT – 5 (BASIC ACCOUNTING PROCEDURES – JOURNAL ENTRIES / LEDGERS / TRIAL BALANCE / SUBSIDIARY BOOKS / CASH BOOK)

About This Chapter: Accounting Process

Paper

Paper 1: Accounting

Weightage

25-30%

Key Topics

Journal, Ledger, Trial Balance, Cash Book, Rectification

This chapter covers Journal, Ledger, Trial Balance, Cash Book, Rectification and is part of Paper 1: Accounting in the CA Foundation exam.

View Official ICAI Syllabus

Exam Strategy Tip

This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.

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GDP vs GNP: National Income Accounting for CA Foundation

More Questions from Accounting Process

What are the advantages of subsidiary books? [July 2021, 5 Marks; June 2024, 5 Marks]; [MTP Jan. 2025]

What are the importance of Journal? [June 2023, 5 Marks]

Double Entry System [Jan. 2025, 5 Marks]

Petty Cash Book [June 2022, 5 Marks]

Imprest System

Sales Book

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