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  1. 5. The balance sheet may contain a significant amount of footnotes because of the full __________________ principle.
  2. 7. Will FIFO or LIFO report higher profits when costs and selling prices are continually increasing?
  3. 8. with the generally accepted accounting principles in the preparation and presentation of financial statements
  4. 9. A loss making contract
  5. 11. An item that is unusual in nature and infrequent in occurrence.
  6. 12. Long-term prepayments made by a company are reported on the company's balance sheet as __________ assets or other assets.
  7. 15. A person who exposes any kind of information or activity that is deemed illegal, dishonest, or not correct within an organization that is either private or public
  8. 19. Lot of powers are now delegated to _______ from CG/ROC under new Companies Act 2013
  9. 21. Donation under new Companies Act 2013
  10. 23. This regulates capital markets
  11. 24. A Company with no significant accounting transaction
  12. 25. A contingent liability should be reported on the balance sheet if two conditions are met: 1) it is _______________ in occurrence, and 2) the amount can be estimated.
  13. 26. Income tax Act to be replaced with____ in the future
  14. 27. In Update TOC, for time gap between 3-6 months, this is one of the audit procedure to be performed as per EY GAM
  15. 31. A multidisciplinary organisation to investigate fruads in India
  16. 32. The 'F' in FASB.
  17. 34. with the disclosure requirements prescribed by regulatory bodies, statutes and rules and regulations relevant to the enterprise
  18. 37. Title passes at the seller’s location when the terms are FOB __________ point.
  19. 40. I have invested 25% in you. Who are you to me?
  20. 41. To conceive of and suggest areas in which Accounting Standards need to be developed
  21. 44. File me once and use me for 12 months for rising money in capital markets
  22. 47. ICAI members needs this continuously to be a member
  23. 48. Unearned Revenues and Customer Deposits are _______________ accounts.
  24. 49. ________ on Bonds Payable is a contra-liability account
  25. 51. The net income of a corporation divided by the number of shares of common stock outstanding. (acronym)
  1. 1. Generally, inventory is reported on the balance sheet at its cost or at an amount that is _________ than its cost.
  2. 2. A new KMP under Companies Act 2013
  3. 3. You need my approval for cross border transactions
  4. 4. It would review the general purpose financial statements of certain enterprises and auditor’s report thereon with a view to determine:
  5. 5. No longer I am Physically available
  6. 6. Read this before investing
  7. 10. Mandatory review to be conducted on all audit firms which are auditing any listed Company
  8. 13. The difference between the amounts of assets and liabilities is stockholders' __________.
  9. 14. This Prinicple helps guide the accountant when doubt exists between two alternatives. Associated with the lower of cost or market for inventory valuation.
  10. 16. I will distribute the assets of a Company at the end
  11. 17. Report to me if your losses exceeds 50% of past 4 years peak networth
  12. 18. I regulate all insurance companies
  13. 20. Use of these amounts may be necessary when preparing the income statement.
  14. 22. An Intentional mistake
  15. 28. A Body Established under the Act of Parliament to review the quality of services provided by the members of the Institute including audit services
  16. 29. Global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies
  17. 30. Issued by ICAI to help its members to implement standards on auditing and accounting.
  18. 33. shall provide for adequate safeguards against victimisation of persons who use such mechanism and make provision for direct access to the chairperson of the Audit Committee
  19. 35. If a company's Dec. 31 2014 ending inventory is understated, the company's net income for 2014 will be understated and its net income for 2015 will be ________________.
  20. 36. I am an engineer, a valuer, a CA……
  21. 38. I make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies under Companies Act 2013
  22. 39. If a company has incurred expenses but has not yet been billed for them as of the end of an accounting period, they are referred to as ____________ expenses.
  23. 42. To reply the queries on Accounting, Auditing and allied matters, received from the members of the Institute
  24. 43. If a company wants to have a year end other than March 31st, it should obtain approval from_____
  25. 45. Auditor is required to obtain sufficient, appropriate audit _____ to support his opinion
  26. 46. At the end of the accounting year, the employees count all of the items held in inventory. This is referred to as a __________ inventory.
  27. 50. I can lend. But I am not a Bank.