Tricks to Remember

Accounting Standards
Many students face difficulties to remember the Accounting
Standard numbers and often get confused with the numbers.
Here below, we provide the tricks to remember the accounting
standards for CA IPCC and CA Final students. It serves as a
shortcut to read accounting standards before the exam.
As 1: This Standard deals with the disclosure of significant
accounting policies followed in preparing and presenting
financial statements. The disclosure of some of the accounting
policies followed in the preparation and presentation of the
financial statements is required by law in some cases.
How to Remember Accounting Standard 1 and 2
1 Disclosure of Accounting Policies
2 Valuation of Inventories
1 and 2 will be easily remembered as they are first two
Trick to Remember Accounting Standard 3
AS 3:The Standard deals with the provision of information
about the historical changes in cash and cash equivalents of an
enterprise by means of a cash flow statement which classifies
cash flows during the period from operating, investing and
financing activities.
3 Cash Flow Statements
has three words 1)CASH 2)FLOW 3)STATEMNTS
Trick to Remember Accounting Standard 4
4 Contingencies and Events Occuring after the Balance Sheet
Date
relates to transactions which fall outside the four walls of a
room

Trick to Remember Accounting Standard 5

5 Net Profit or Loss for the period, Prior Period Items and
Changes in Accounting Policies
thats my lucky number so have your own strategy
Trick to Remember Accounting Standard 7
AS 7: This Standard should be applied in accounting for
construction contracts in the financial statements of contractors
7 Construction Contracts
we give weekly(7 days) wages for labour of construction
activity
Trick to Remember Accounting Standard 8
8 Accounting for Research and Development
in R of Reaserch..have a small u below R it becomes 8 R+u=8
Trick to Remember Accounting Standard 9
AS 9:This Standard deals with the bases for recognition of
revenue in the statement of profit and loss of an enterprise. The
Standard is concerned with the recognition of revenue arising in
the course of the ordinary activities of the enterprise from sales
and services.
9 Revenue Recognition
this 9 is the highest numberafter this zero will be added and
the series continuos, many business people prefer combination
of number 9 wherever they have to choose as they believe it
earns highest revenue
Trick to Remember Accounting Standard 10
AS 10:This standard does not deal with the specialised aspects
of accounting for fixed assets that arise under a comprehensive
system reflecting the effects of changing prices but applies to
financial statements prepared on historical cost basis.
10 Accounting for Fixed Assets
there are 10 assets for which COA and COI is taken as nill as per
sec55 of IT Act

Trick to Remember Accounting Standard 11

11 The Effects of Changes in Foreign Exchange Rates

the first thing flashes in our mind when we read forex is $
dollar, in the symbol S is crossed by 2 lines, i.e.,11
Trick to Remember Accounting Standard 12
12 Accounting for Government Grants
Govt many times say that you invest 1rupee we will provide
2rupees as subsidy 1+2=12
13 Accounting for Investments
14 Accounting for Amalgamations
we are quite familiar with 13 and 14 in our accounts
for 14- 4 companies A,B,C,D were amalgamated and 1 company
is formed 1 formed by 4, 1 by 4=14
Trick to Remember Accounting Standard 15
15 Employee Benefits
thats my birthday, for you people sec15 of IT act is charging
section for Income from salaries(paid to employee)
Trick to Remember Accounting Standard 16
16 Borrowing Costs
3 sources are Equity Preference Debt as per COC of FM, when
you borrow funds firms always try earn income atleast by
double, 3X2=6
Trick to Remember Accounting Standard 20
20 Earnings Per Share
Shareholder expects to double his property when he invests in
shares, usually shares are for 10/- each
Trick to Remember Accounting Standard 21
21 Consolidated Financial Statements
consolidation of 2 companies FS in 1 company=21
Trick to Remember Accounting Standard 22
22 Accounting for Taxes on Income
In PCC tax is 2nd paper in 2nd group