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Page 1 Section A Chapter 1 Unit – 3 CA.S.S.Prathap Page 2 Section A Chapter 1 Unit – 3 CA.S.S.Prathap Page 3 Section A Chapter 1 Unit – 3 CA.S.S.Prathap A. Companies B. Partnership concern C. Charitable organizations D. Sole proprietorship Answer: A Page 4 Section A Chapter 1 Unit – 3 CA.S.S.Prathap A. Companies B. Partnership concern C. Charitable organizations D. Sole proprietorship Answer: A A. Principle B. Methods of applying those principles C. Both a and b D. None Answer: C Page 5 Section A Chapter 1 Unit – 3 CA.S.S.Prathap A. Companies B. Partnership concern C. Charitable organizations D. Sole proprietorship Answer: A A. Principle B. Methods of applying those principles C. Both a and b D. None Answer: C A. AS - 5 B. AS - 6 C. AS - 7 D. AS – 9 Answer: CRead More
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FAQs on MCQ - Accounting Standards, Objectives and Benefits - Principles and Practice of Accounting - CA Foundation
| 1. What are Accounting Standards? |  |
Ans. Accounting Standards are the set of guidelines and principles that provide a framework for financial reporting. They are a set of rules and regulations that companies must follow while preparing their financial statements. The main objective of Accounting Standards is to ensure consistency and comparability in financial reporting.
| 2. What are the objectives of Accounting Standards? | |
Ans. The objectives of Accounting Standards are as follows:
1. To ensure consistency and comparability in financial reporting
2. To provide guidance to preparers of financial statements
3. To ensure transparency and reliability in financial reporting
4. To provide users of financial statements with relevant and reliable information
5. To facilitate cross-border comparison of financial statements
| 3. What are the benefits of following Accounting Standards? | |
Ans. The benefits of following Accounting Standards are as follows:
1. It ensures consistency and comparability in financial reporting
2. It provides guidance to preparers of financial statements
3. It enhances the reliability and transparency of financial reporting
4. It increases the users' confidence in financial statements
5. It facilitates cross-border comparison of financial statements
| 4. Who sets Accounting Standards in India? | |
Ans. In India, Accounting Standards are set by the Institute of Chartered Accountants of India (ICAI). The ICAI is a statutory body established under the Chartered Accountants Act, 1949. It is the premier accounting body in India and sets the Accounting Standards in consultation with the Ministry of Corporate Affairs.
| 5. Are Accounting Standards mandatory for all companies? | |
Ans. Yes, Accounting Standards are mandatory for all companies in India that are required to prepare financial statements as per the Companies Act, 2013. These standards are applicable to all companies, whether public or private, listed or unlisted. Companies need to follow the Accounting Standards while preparing their financial statements to ensure consistency and comparability in financial reporting.
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