Advanced Accounting Master Questions for CA Inter Paper 1 with Suggested Answers

The early chapters explain what GAAP is, who prescribes accounting standards for companies and non-company entities in India, and the benefits of standardisation. Later chapters take up individual standards in syllabus order, from disclosure of accounting policies and cash flow concepts to segment reporting, related party disclosures and earnings per share. The table of contents also lists full-length questions on Schedule III, cash flow statements, buy-back of securities, amalgamation, internal reconstruction, branch accounts and a comprehensive integrated question.

Attempt each master question under timed conditions before reading the suggested answer, since the questions are written in the exam's multi-part style with marks allocated to each part. Use the answer sections to check which points carry marks, such as the four benefits of accounting standards or the steps in formulating a standard. Revisit the chapters flagged as hard, because those include adjustments that are easy to miss in exam conditions. Keep a list of the standards you find weakest and repeat those chapters closer to the exam.

This note is meant for CA Inter students preparing Advanced Accounting, Paper 1, who have already covered the basic standards and want practice in applying them. It is useful for revision in the final weeks before the exam and for students attempting the January 2027 sitting. Students who are still building their conceptual base may prefer to read their module first and use these questions after each chapter.

• GAAP and accounting standards framework
• Applicability of accounting standards
• AS 1 Disclosure of accounting policies
• AS 3 Cash flow statement
• AS 17 Segment reporting
• AS 18 Related party disclosures
• AS 20 Earnings per share
• AS 29 Provisions contingent liabilities and contingent assets
• Schedule III and managerial remuneration
• Buy-back of securities and amalgamation