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Test: Accounting Standards - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Accounting Standards - 1

Test: Accounting Standards - 1 for B Com 2024 is part of B Com preparation. The Test: Accounting Standards - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Accounting Standards - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting Standards - 1 below.
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Test: Accounting Standards - 1 - Question 1
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Ind-AS 101 mandates that companies applying Ind-AS for the first time should:

Detailed Solution for Test: Accounting Standards - 1 - Question 1
Ind-AS 101 requires that Ind-AS be applied retrospectively to provide comparability over time. This means adjustments need to be made to reflect Ind-AS as if it had always been applied.
Test: Accounting Standards - 1 - Question 2
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Which type of exemption under Ind-AS 101 is mandatory?

Detailed Solution for Test: Accounting Standards - 1 - Question 2
Mandatory exemptions must be applied and prohibit retrospective application in specific scenarios, ensuring certain consistent treatment across all first-time adopters.
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Test: Accounting Standards - 1 - Question 3
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In which reports is Ind-AS 101 applicable?

Detailed Solution for Test: Accounting Standards - 1 - Question 3
Ind-AS 101 applies to a company’s first complete set of Ind-AS financial statements and each interim financial report under Ind-AS 34, ensuring consistent application from the transition date.
Test: Accounting Standards - 1 - Question 4
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Which section of the Companies Act, 2013, requires compliance with prevailing accounting standards?
Detailed Solution for Test: Accounting Standards - 1 - Question 4
Section 133 of the Companies Act, 2013 mandates that companies comply with the accounting standards specified by the ICAI, ensuring standardized financial reporting.
Test: Accounting Standards - 1 - Question 5
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Which of the following is not an accounting standard specified by ICAI?
Detailed Solution for Test: Accounting Standards - 1 - Question 5
AS 33 does not exist. The correct list of accounting standards includes AS 1, AS 6, and AS 15, but there is no AS 33.
Test: Accounting Standards - 1 - Question 6
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Which accounting standard deals with "Valuation of Inventories"?
Detailed Solution for Test: Accounting Standards - 1 - Question 6
AS 2 specifically deals with the valuation of inventories, outlining how to determine the cost of inventories and the required disclosures.
Test: Accounting Standards - 1 - Question 7
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What should companies explain as part of the presentation and disclosure requirements under Ind-AS 101?
Detailed Solution for Test: Accounting Standards - 1 - Question 7
Companies need to explain the impact of the transition on their financial statements, helping users understand the changes and their implications on financial reporting.
Test: Accounting Standards - 1 - Question 8
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Which accounting standard is related to "Borrowing Costs"?
Detailed Solution for Test: Accounting Standards - 1 - Question 8
AS 16 deals with borrowing costs, specifying the treatment of borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset.
Test: Accounting Standards - 1 - Question 9
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What is the main objective of Ind-AS 101?
Detailed Solution for Test: Accounting Standards - 1 - Question 9
The primary aim of Ind-AS 101 is to ensure that the first Ind-AS financial statements deliver high-quality, transparent, and comparable information to users.
Test: Accounting Standards - 1 - Question 10
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As of April 1, 2016, how many accounting standards are specified by ICAI?
Detailed Solution for Test: Accounting Standards - 1 - Question 10

There are 32 accounting standards specified by ICAI that companies in India must comply with as of April 1, 2016, covering a broad range of financial reporting areas.

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