Test: Accounting Standards

QUESTION: 1

IASB stands for:

A.
Indian Accounting Standards Board
B.
Indian accounting Standards Bulletin
C.
International Accounting Standards Bulletin
D.
International Accounting standards Boards

Solution:

QUESTION: 2

Accounting Standards refers to specific accounting :

A.
Principles
B.
Methods of applying those principles
C.
Both (a) and (b)
D.
None

Solution:

QUESTION: 3

Match the following
(A) AS 26 (i) Impairment of Assets
(B) AS 10 (ii) Discounting operations
(C) AS 28 (iii) Intangible assets
(D) AS 24 (iv) Accounting for Fixed Assets
The Correct alternative is:

A.
(A) – (iii), (B) – (iv), (C) – (ii), (D) – (i)
B.
(A) – (ii), (B) – (iv), (C) – (i), (D) – (ii)
C.
(A) – (ii), (B) – (iv), (C) – (iii), (D) – (i)
D.
(A) – (iii), (B) – (iv), (C) – (i), (D) – (ii)

Solution:

QUESTION: 4

AS 2 is on :

A.
Disclosure of Accounting Policies
B.
Valuation of Inventories
C.
Revenue Recognition
D.
Depreciation Accounting

Solution:

QUESTION: 5

All of the following are limitations of Accounting Standards except

A.
The choice between different alternative accounting treatments is difficult.
B.
There may be trend towards rigidity.
C.
Accounting Standards cannot override the statute.
D.
All of the above.

Solution:

QUESTION: 6

Which of the following provide framework and accounting policies so that the financial statements of different enterprise become comparable ?

A.
Business standards
B.
Accounting standards
C.
Market standards
D.
None of the above.

Solution:

QUESTION: 7

Accounting for Fixed Assets:

A.
AS 6
B.
AS 10
C.
AS 3
D.
AS 2

Solution:

QUESTION: 8

Accounting Standards

A.
Harmonise accounting policies.
B.
Eliminate the non-comparability of financial statements.
C.
Improve the reliability of financial statements.
D.
All of the above.

Solution:

QUESTION: 9

Accounting Standards in India are issued by

A.
Central Govt.
B.
State Govt.
C.
Institute of Chartered Accountants of India.
D.
Reserve Bank of India.

Solution:

QUESTION: 10

How many Accounting Standards have been issued by ICAI?

A.
25.
B.
20.
C.
32.
D.
2.

Solution:

QUESTION: 11

Consistency with reference to application of accounting principles refer to the

A.
All the companies in the same industries should use identical procedures and methods
B.
Income and assets have not been overstated
C.
Accounting methods and procedures used have to be consistently applied from year to year
D.
Any accounting method or procedure can be utilized.

Solution:

QUESTION: 12

It is essential to standardize the accounting principles and policies in order to ensure

A.
Transparency.
B.
Consistency.
C.
Comparability.
D.
All of the above.

Solution:

QUESTION: 13

AS – 8 on Accounting for Research and Development:

A.
Is replaced by AS – 26
B.
Is applicable only to listed companies
C.
Is mandatory for Research Institutions
D.
Is still in use.

Solution:

QUESTION: 14

Accounting Standards ________ the statue:

A.
Can over-ride
B.
Cannot over-ride
C.
May over-ride
D.
None

Solution:

QUESTION: 15

The purpose of Accounting Standards is to :

A.
Harmonise accounting policies
B.
Eliminate the non comparability of financial statements
C.
Improve reliability of financial statements
D.
All of the above

Solution:

15 Questions MCQ Test Crash Course of Accountancy - Class 11 | Test: Accounting Standards

IASB stands for:

Accounting Standards refers to specific accounting :

Match the following
(A) AS 26 (i) Impairment of Assets
(B) AS 10 (ii) Discounting operations
(C) AS 28 (iii) Intangible assets
(D) AS 24 (iv) Accounting for Fixed Assets
The Correct alternative is:

Recommended Content

Inventories

MCQ - Simple and Compound Interest - 1 (Questions)

Consideration- 1

Revision Test Paper- May 2018

Sample Paper Series- I

Recommended Tests

Test: Performance Of Contract- 1

Practice Test: Seating Arrangement - 1

Test: Equations- 1

Test: Organizations Facilitating- 1

CA CPT Mock Test - 1 (Session 1)

Download free EduRev App

Similar Content

Accounting Standards

PPT : Accounting Standards

Introduction - Accounting Standards

Application of Accounting Standards

Related tests