Financial Accounting MCQ on Accounting Standards

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MCQ on Accounting Standards

1. IASC Stands for

(a) International accounting standard committee

(b) Indian accounting standard committee

(c) International accounting standard company

(d) Indian accounting standard company

Answer (a) International accounting standard committee

2. IASC established in the year

 (a) 1963

(b) 1973

(c) 1983

(d) 1993

Answer (b) 1973

3. IASB Stands for

 (a) International accounting standard Board

(b) International accounting standard Board

(c) Indian accounting standard Board

(d) None of the above

Answer   (a) International accounting standard Board

4. IASB established in the year

 (a) 2000

(b) 2001

(c) 2003

(d) 2004

Answer (b) 2001

5. ICAI established under

(a) Chartered accountant act 1949

(b) Company act 1956

(c) Partnership act 1930

(d) Company act 2013

Answer (a) Chartered accountant act 1949

6. When accounting standard board has been constitute

(a) 21 Feb 1977

(b) 21 March 1977

(c) 21 April 1977

(d) 21 May 1977

Answer (c) 21 April 1977

7. National advisory committee on accounting standard (NACAS) established in the year

(a) August 2001

(b) August 2002

(c) August 2003

(d) August 2004

Answer (a) August 2001

8. IAS in accounting stands for

 (a) Indian administrative services

(b) International accounting standard

(c) Indian accounting standard

(d) None of the above

Answer (b) International accounting standard

9. How many Ind AS are there in India

(a) 39

(b) 38

(c) 42

(d) 41

Answer (d) 41

10. Income taxes Comes under

 (a) Ind AS 11

(b) Ind AS 12

(c) Ind AS 13

(d) Ind AS 14

Answer (b) Ind AS 12

11. Intangible assets come under

 (a) AS 22

(b) AS 23

(c) AS 24

(d) AS 26

Answer (d) AS 26

12. Intangible assets come under

(a) Ind AS 37

(b) Ind AS 23

(c) Ind AS 26

(d) Ind AS 38

Answer (d) Ind AS 38

13. XBRL stands for

(a) Extensible Business Reporting league

(b) Extensible Boards Reporting language

(c) Extensible Business Reporting language

(d) Estimated Business Reporting language

Answer (c) Extensible Business Reporting language

14. The main aim of accounting standard is

 (a) Standardize diverse accounting policies

(b) Lower the accounting dissimilarities

(c) Ensuring the comparability of financial statement

(d) All of the above

Answer (d) All of the above

15. GAAP of India has been established by

(a) MCA

(b) ICAI

(c) Ministry of Finance

(d) ICSI

Answer (b) ICAI

16. How many number of accounting standard have been issued by ICAI

(a) 38

(b) 41

(c) 32

(d) 12

Answer (c) 32

17. The global recognized set of standard for the preparation of financial statement by business entity used in multiple countries is termed as

(a) IFRS

(b) ICAI

(c) ASB

(d) IAS

Answer (a) IFRS

18. The board which was constitute by ICAI to formulate accounting standard is known as

 (a) IFRS

(b) ICAI

(c) ASB

(d) IAS

Answer (c) ASB

19. A language used for the electronic communication of business and financial data which revolutionizing business reporting around the world is known as

(a) XBRL

(b) ASB

(c) IAS

(d) IFRS

Answer (a) XBRL

20. Interim financial reporting comes under

(a) Ind AS 31

(b) Ind AS 32

(c) Ind AS 33

(d) Ind AS 34

Answer (d) Ind AS 34
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