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The Accounting Standards are mandatory for: a) Companies b) Partnership Concerns c) Charitable Organizations d) Sole Proprietorship |
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Accounting Standards ___________ the statue: a) Can over-ride b) Cannot over-ride c) May over-ride d) None |
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IASB stands for: a) Indian Accounting Standards Board b) Indian Accounting Standards Bulletin c) International Accounting Standards Bulletin d) International Accounting Standards Board |
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AS- 2 is on: a) Disclosure of Accounting Policies b) Valuation of Inventories c) Revenue Recognition d) Depreciation Accounting |
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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. |
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Accounting Standards refer to specific accounting: a) Principles b) Methods of applying those principles c) Both (a) and (b) d) None |
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Certain norms which are followed by accountants while preparing financial statements in order to reduce the vagueness and chances of misunderstanding by harmonizing the varied accounting practices are: a) Accounting Regulations b) Accounting concept c) Accounting Standards d) Accounting Principal |
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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 |
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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)- (iii) c) (A)- (ii), (B)- (iv), (C)- (iii), (D)- (i) d) (A)- (iii), (B)- (iv), (C)- (i), (D)- (ii) |
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Accounting for fixed assets: a) AS 6 b) AS 10 c) AS 3 d) AS 2 |
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Which of the following provide framework and the accounting policies so that the financial statements of different enterprises become comparable? a) Business Standards b) Accounting Standards c) Market Standards d) None of the above |
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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 |
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