1st Answer

A.

INTERNATIONAL FEDERATION OF ACCOUNTS

Origin:
Since its inception in 1977 with 63 members from 51 nations, IFAC has expanded its
membership to 180 members and associates from 135 nations and jurisdictions.
In order to advance the public interest, IFAC was established on October 7, 1977, at the 11th
World Congress of Accountants in Munich, Germany. Its goals include:

Serving as the international spokesperson for the accounting profession, facilitating

collaboration and cooperation among its member bodies, collaborating and cooperating with
other international organisations, and Creating high-calibre international standards in auditing
and assurance, public sector accounting, ethics, and education for professional accountants
and promoting their adoption and use.

Purpose:
• Create guidelines for worldwide and auditing standards in the form of statements.
• Identify the core values that should guide every member body of IFAC's code of ethics and
develop or expand on those values as necessary.
• Establish requirements and create programmes for accountants' professional development
and training.
• Gather, examine, study, and share data on public accounting practises management to help
practitioners run their businesses more successfully.
• Establish requirements and create programmes for accountants' professional development
and training.
• Gather, examine, study, and share data on public accounting practises management to help
practitioners run their businesses more successfully.
• Maintain positive relationships with regional groups and look into the possibility of starting
new regional organisations as well as providing support for their growth.
• Create frequent channels of communication between IFAC members and other parties with
an interest, primarily through an IFAC Newsletter.
• Coordinate and encourage the exchange of technical knowledge, instructional materials,
professional publications, and other written works produced by member organisations.
· Plan and host an international accounting congress roughly every five years;
• Work to increase the number of IFAC members.

INDIAN ACCOUNTING ASSOCIATION

Academics, professionals, and practitioners from various universities, companies, industries,
and the government interact through the Indian Accounting Association. IAA's primary duty
is to advance and spread knowledge of accounting and related fields both within and outside
of India. Additionally, it intends to conduct and promote accounting-related research. The
IAA has always been a crucial venue for elevating the stature of accounting as a discipline
and as a crucial tool for managerial decision-making.

THE PRINCIPAL OBJECTIVES OF THE FOUNDATION.

 In order to advance basic and applied research in accounting and related fields, to
support research initiatives.
 To host conferences, workshops, seminars, symposia, etc. to release academic books,
journals, and monographs
 To coordinate the generation and distribution of information in accounting and allied
fields with other professional accounting organisations, universities, and institutions.

B.
Examining a company's financial records or statements is referred to as auditing. Following
the completion of the financial accounts and statements, an audit is conducted. It entails
doing the statutory audit and inspection of the financial accounts.

An impartial and fair judgement on whether the financial records and statements accurately
reflect the organization's real financial situation is provided via auditing. On behalf of
regulators or shareholders, the auditors—typically outside individuals or organizations—
perform the auditing process in accordance with the relevant legal requirements. Auditing is
done to ensure that the records and assertions made by accounting are accurate. To assess the
accuracy and correctness of all the transactions that were recorded.
Internal auditing and external auditing are the two basic types of auditing. An internal
auditor, who is typically a member of the organization's staff, conducts an internal audit. An
external auditor is chosen by the shareholders to undertake the external audit.
2nd Answer
There are numerous accounting ideas and conventions that must be followed in the process of
keeping a company's books of accounts in order to maintain the integrity and uniformity of
accounting standards, which will result in accurate accounting in a firm.

COST CONCEPT :

The notion is that acquired assets and services should be documented at their actual cost. This
notion, also known as the Historical Cost concept, maintains that accounting records should
record the price at the time of receipt and continue to do so throughout the useful life.

Example: XYZ Ltd paid Rs 5,00,000 for machinery. The machine should be recorded at
5,00,000, according to the notion. Suppose after 8 months, the machine becomes scarce,
causing the market value to climb to Rs.5,30,000. As a result, the machinery is valued at Rs.
5,30,000 in the company's financial sheet. This is a violation of the Cost idea because,
according to the concept, assets should be recorded at their receipt price over their lifetime,
regardless of market price fluctuations, and the Cost principle assists us in correcting such
errors.

MONEY MEASUREMENT CONCEPT:

According to the money measurement idea, a business should only record an accounting
transaction if it can be stated in monetary terms. This means that the emphasis of accounting
transactions is on quantitative data rather than qualitative data. If the money measurement
concept is not applied while recording transactions in books of accounts the problem of
recording non-financial information will take place due to which the quantitative accuracy of
the information will deplete drastically For example: Measuring the recess hours taken by
employees will lead to recording frivolous and unnecessary information in books of accounts
and zeroing on a unit of measurement for qualitative aspects of such will prove to be
demanding task that will result in lack of uniformity.

ACCOUNTING PERIOD CONCEPT:

Although the firm is run based on the concept of going concerned which essentially states
that the firm will operate for the foreseeable future it is important to maintain timely based
books of accounts to educate and provide essential information to various stakeholders of the
company. For example: If the firm under the assumption of functioning for foreseeable future
does not maintain accurate books of accounts regularly the scope of missing recording
information and stakeholders not being informed of the financial statements of the company
to make necessary decisions is high.

CONSERVATISM CONCEPT:

Expenses - whenever possible. It cautions businesses to be sceptical of their estimates.

Recognize Revenues - when reasonably certain and Recognize Costs

During accounting, all the profits only are recorded if they are certain but all the losses will
be recorded if they are doubtful also this would help the accountant to make a decision when
two solutions to any accounting challenge the one that yields inferior numbers has to be
considered as we would recognize the worst case scenario. For example: Suppose Bheeshma
corp. has a liability of 50,000rs to ABC company and if XYZ company owes Bheeshma an
amount of 40,000rs then the liability of amount 50,000 should be accounted immediately but
the amount of 40,000rs should be accounted only if that amount is certain to come back.

BUSINESS ENTITY CONCEPT:

This concept establishes that the accounts kept are just for the firm and that the corporation is
considered a separate entity from its owners. This also suggests that the firm's transactions,
assets, and liabilities are solely owned by the company, and the owners or heads of the
company cannot claim direct ownership of them. for example, this concept makes sure that
the truncations of the firm and its owner or any other stakeholder are not entangled and the
transactions of the firm are recorded as an entity of its own if the owner takes a personal
house loan it will not be reflected on the liabilities of the firm.
3rd Answer
It is considered that accounting procedures are science while analysis and decision-making
are art. Science "pursues and applies knowledge and comprehension of the natural and social
world through a systematic process based on evidence."

Science requires:

 impartial measurement and observation.

 Theory testing.
 logically supporting data-based conclusions.
 Repetition.
 examining data.

Checking Accounting is scientific, even if many authors still dispute it. It is a subclass of
higher human science that seeks to establish economic facts as "financial realities" with
monetary, mathematical explanations. "Practical knowledge" includes all scientific
information. Thus, these are social truths related to human culture and produced by economic
activity when people form and live in communities.

As a science based on experience, it studies the facts, makes speculative conclusions, and
tests them. It uses multiple levels, rules, norms, laws, and principles to build theories for a
discipline. Legality, identity, causality, order, structure, meaning, and direction make it
scientific knowledge. This science has distinct study methodologies, broad legal and
economic links, and methodology. Some authors' outdated belief that accounting is a practice
rather than a science is considered unscientific. If accounting is a technique, we would also
win.

Accounting as a technique is a scientific tool. Accounting is a strategy. This "method"

includes a variety of equipment and items and all the processes needed to achieve its goals.
As accounting became scientific, manual registration was replaced by mechanical
registration, followed by electronic computing, or electronic data processing. New accounting
software manages, shares, and channels both tangible and intangible business information so
it flows across the organization and is integrated into programmes like document
management, groupware, data mining, intranets, and data mining. despite the Electronic Data
Interchange being the best. This strategy saves time and simplifies economic data
interpretation, analysis, and presentation.

Due to its practical application, accounting helps manage and increase economic activity at
various levels. Because it's a practical science, it develops its own experimental procedures,
such as data gathering and analysis, measurement, etc., to compare theories with facts.
Scientific research uses accounting to examine assertions based on experience, particularly
experimentation.

Science is an organized body of information that you, as an accountant, have deliberately

gained about certain phenomena you have obtained from reality, while its underlying
methodology is a set of procedures and resources to achieve a purpose. The former cannot
exist without the latter.

Art allows us to communicate our thoughts, feelings, intuitions, and desires, as well as our
worldview, which many people see as a reflection of themselves. It communicates secret
thoughts that words cannot express. Words alone aren't enough to describe our intent. Our
media stuff is not art. Media and content expression are art. "A manifestation of our thoughts,
feelings, instincts, and wants" is the common definition of art, hence all applied science is art.

Accounting involves creativity, inspiration, expertise, and experience. It fits these definitions.
Because research, issue solving, and answer verification need psychic abilities and personal
experiences, accountants use their professional knowledge to display their personalities at a
strategic and financial level. Your practice outcomes communication shows this. As an
accountant, you collect, categorize, record, describe, interpret, break down, and summarize in
monetary terms a company's activities, whether public or private, to obtain informative
reports that support, identify, and clarify strategic decision-making.

Information is useless without analysis and interpretation to improve administrative

performance and corporate economic performance. Science and art have these basic
components: Examination and interpretation of operations involve subjective financial
statement analysis and comparison. From financial statements. Evaluation: The company's
financial and economic status after the operations determined the operations' behavior and
results.

Administrative choices are based on more than accounting. As the decision-maker, you can
use scientific methods and advanced tools like expert systems to help you make decisions,
but the choice is yours. Decision-making is an art that depends on your personality,
background, and experiences. Thus, an accountant is a problem-solver who goes beyond the
scientific method and uses the art of decision making, which is essential for modern
businesses. An accountant uses this science and art to create strategic plans that assist the
firm achieve its goals.