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Commerce and Accountancy-2014: Answer Writing Challenge – 13


27 October 2014

I) Write short notes in about 200 words:

  1. Conditions for availing of CENVAT credit under various categories of goods and services.
  2. Intangible assets and their treatment in the books of accounts of a firm.
  3. Assumptions and limitations of Cost-Volume-Profit analysis.
  4. Provisions of Indian Accounting Standards regarding treatment of depreciation when an asset is revalued.
  5. Audit procedures to detect cash defalcations.

II) Define and distinguish between marginal and absorption costing with  examples. What are their uses and limitations? (300 Words)