Accounting Standards and IFRS MCQs | Financial Accounting MCQs Part 3 | Multiple Choice Questions and Answers

 Accounting Standard MCQs
Financial Accounting MCQs
Multiple Choice Questions and Answers 

1. Accounting Standards Board of India was established in the year:

a)    1970

b)   1972

c)    1973

d)   1977

2. Accounting Standard board of India was set up by ICAI (Institute of Chartered Accountants of India).

3. How many mandatory accounting standards are there in India 2020?

a)    29

b)   32

c)    41

d)   112

4. Which one of the following accounting standard in not mandatory?

a)    AS 30- Financial Instruments: Recognition and Measurement

b)   AS 31- Financial Instruments: Presentation

c)    AS 32- Financial Instruments: Disclosures

d)   All of the above

5. What is the aim of accounting standards in India?

a)    To make financial statements more comparable.

b)   To ensure uniformity in accounting policies.

c)    To guide the judgement of professional accountants.

d)   All of the above

6. As per Indian GAAP financial statements are presented at:

a)    Market Value

b)   Fair Value

c)    Cost

d)   None of the above

7. Which one of the following is not a consideration in selection of accounting policies?

a)    Prudence

b)   Substance over form

c)    Materiality

d)   Full disclosure

8. Which one of the following is a fundamental accounting assumption?

a)    Going Concern Concept

b)   Accrual Concept

c)    Consistency Concept

d)   All of the above

9. Total number of IFRS is:

a)    15

b)   16

c)    17

d)   18

10. International Accounting Standard Board (IASB) was established in the year:

a)    1977

b)   2001

c)    2013

d)   2019

11. How many Ind AS are there in India 2020?

a)    29

b)   32

c)    41

d)   17

12. The accounting standards are mandatory for:

a)    Sole trader

b)   Firms

c)    Companies

d)   Societies

13. Accounting standard cannot over ride the statue.                      True

14. Premier body of accounting in India is ICAI.

15. Accounting standards and accounting principles is one and the same thing.                   False

16. Structure of Accounting Principles includes:

a)    Accounting concepts

b)   Accounting Conventions

c)    Fundamental Assumptions

d)   All of the above