Question
Accounting Standard-6 is meant for
The correct answer is
Depreciation Accounting
Accounting Standard 6: Depreciation Accounting
Accounting Standard 6 (AS-6) specifically deals with the accounting treatment of depreciation.
- The primary objective of AS-6 is to ensure that the cost of a depreciable asset is systematically allocated over its useful life.
- It outlines the methods for calculating and recording depreciation, focusing on the systematic and rational allocation of the asset's depreciable amount.
- Key aspects covered include the definition of depreciation, recognition criteria, depreciable amount, useful life, and disclosure requirements related to depreciation.
Therefore, Accounting Standard 6 is meant for Depreciation Accounting.
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Important Questions from Indian Accounting Standards and IFRS
AS–10 (new) has come into effect from
Match List I with List II:
List- I
Accounting Standard
List – II
Description
A.
Ind - AS : 1 (I)
Investments in Associates and Jot ventures B.
Ind - AS : 8 (II)
Presentation of Financial Statements C.
Ind - AS : 28 (III)
Interim Financial Reporting D.
Ind - AS : 34 (IV)
Accounting policies. changes in Accounting Estimates and Errors
Choose the correct answer from the options given below -- Preparation of consolidated Balance Sheet of Holding Company and its subsidiary company is done as per
Match the items of List - I with those of List - II and indicate the correct code :
List - I (Accounting Standard) List - II (Relationship) (a) AS - 6 (iii) Depreciation Accounting (b) AS - 3 (iv) Accounting for Cash Flow Statement (c) AS - 10 (ii) Accounting for Fixed Assets (d) AS - 21 (i) Accounting for Consolidated Financial Statements Which one of the following Ind AS is related to “The Effects of Changes in Foreign Exchange Rates”?
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