CA Article Interview Questions and Answers

The New Companies Act 2013 was introduced to modernize and improve corporate governance in India.

• The Companies Act 1956 was outdated and needed to be replaced with a more comprehensive and contemporary legislation.

• The new act aimed to align Indian corporate laws with international standards and best practices.

• It introduced several new provisions to enhance transparency, accountability, and investor protection.

• The Act introduced the concept of One Person Company (OPC) and made...read more

The Purchase Method and Pooling of Interests Method are two different accounting methods used for amalgamations.

• Purchase Method involves recording the amalgamation as an acquisition, with the acquiring company recognizing the fair value of the assets and liabilities of the acquired company.

• Pooling of Interests Method involves combining the financial statements of the merging companies as if they had always been a single entity.

• Under Purchase Method, goodwill is recognized as ...read more

AS 4 and AS 5 are Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

• AS 4: Contingencies and Events Occurring After the Balance Sheet Date

• AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies