FIA
FIA | Foundations in Accountancy
What is Ledger?
i-ask! | Have a question? Ask Tutor! What is the meaning of the term Ledger in accounting? How ledgers are helpful especially brief about their use in an accounting system and how accounts and ledgers are different? In accounting, especially in financial accounting, the term ledger is discussed many times. However, use of ledger is [...]
How POSSESSION and CONTROL of an asset are different in financial acconuting?
i-ask! | Have a question? Ask Tutor! In definitions relating to assets and their recognition, word “control” has been used. What is the meaning of control? Does it mean possession of an asset? And if not then how control is different from possession. Explain control of an asset Vs possession of an asset in the [...]
What is meant by Apportionment of overheads?
i-ask! | Have a question? Ask Tutor! What is meant by apportionment of overheads? Why don’t we just allocate all the overheads among different departments? Also explain how apportionment is different from allocation? And do we have any “direct apportionment” thing? Most of the time overheads are not caused by a single product or a [...]
Can we sit T5 T6 and T7 as CBE papers under transitional arrangement?
i-ask! | Have a question? Ask Tutor! I have heard that CAT students can sit T5 T6 and T7 exams as computer based exams CBE also? How and what about the syllabus and paper pattern of CBE? Is this facility available only to new students or even old CAT students can do it? And is [...]
What are FIA admission requirements?
i-ask! | Have a question? Ask Tutor! What are the minimum requirements to get admission in Foundations in Accountancy FIA? Is there any age limit to take admission in FIA? Or is there any qualification is required before one can start Foundations in Accountancy course with ACCA? Foundations in Accountancy which is a new offering [...]
What is the difference between Account and Ledger?
i-ask! | Have a question? Ask Tutor! Is there any difference between the accounts and the ledgers? As to me there is no difference and even in class we use these words interchangeably. Is this correct? If they are different then explain how and why If we sum up the whole story in one line [...]
What is Private ledger?
i-ask! | Have a question? Ask Tutor! What is private ledger? Does it mean a ledgers of private company? Or is it a just a new type of ledger? Private ledger is basically such book of accounts in which such accounts are maintained which are maintained to be confidential. Therefore, any such account which might [...]
What is meant by direct overheads? Does allocated overheads mean direct overheads?
i-ask! | Have a question? Ask Tutor! What are direct overheads cost? And how they are different from indirect overheads? I just want to make sure whether direct overheads are such overheads which are “allocated” and indirect overheads are the overheads which are “apportioned” Please explain whether I am right or wrong First of all [...]
What is conversion cost?
i-ask! | Have a question? Ask Tutor! What is Conversion cost? What costs are included in conversion costs? Conversion cost is the sum of all such costs that are incurred in converting one article into intended output. Mostly, coversion costs represents the costs of all such activities or resources that have been applied in converting [...]
What is prime cost?
i-ask! | Have a question? Ask Tutor! What is Prime Cost? What costs are included in prime costs? Prime cost is a sum of all the direct costs i.e. prime cost is the aggregate of all such costs that can be traced back to products (cost units) or cost centers. Thus prime cost means sum [...]