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            CHAPTER



                            Theoretical Framework












              LEARNING OBJECTIVE(S)


              Analise the meaning and scope of accounting

              Explain the basic concepts, conventions and principles of accounting

              Identify the qualitative characteristics of financial statements
              Examine the various accounting terminologies

              Identify the qualitative characteristics of financial statements

              Discuss the meaning of revenue and capital receipts and expenditure and appreciate
              the difference between them

              Outline the criteria for determining contingent liability and contingent asset
              Infer the meaning of accounting policies and when it can be changed

              Outline the accounting standards are and its benefits

              Explain the need for convergence with IFRS


                                              Chapter Overview


                                                               Capital and Revenue      Accounting Policies
              Meaning and Scope       Accounting Concepts,       Expenditures and      Accounting Standards
                 of Accounting           Principles and             Receipes
                                          Conventions          Contingent Asset and
                                                               Contingent Liablities     Indian Accounting
                                                                                            Standards


              Meaning, Functions         Going Concern,         CapEx vs Revenue            Change in
               and Objectives of      Consistency, Accrual,         Expenses             Accounting Policy
                  Accounting             Materiality etc.



               Users of Financial     Financial Statements      Capital Receipts vs     Valuation Principles,
                                                                                            Elements of
                  Statements                                    Revenue Receipts           Measurement


                                                              Provisions, Contingent
                Book keeping vs       Accounting Principles                              AS, Ind AS and its
                                                                  Liabilities and
                  Accounting            and Conventions         Contingent Assets            benefits






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