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Accounting Policies Interview Questions & Answers

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Accounting Policies Interview Questions & Answers

Accounting policies are the specific principles, rules and procedures implemented by a company's management team and are used to prepare its financial statements. These include any methods, measurement systems and procedures for presenting disclosures. Accounting policies differ from accounting principles in that the principles are the accounting rules and the policies are a company's way of adhering to those rules.

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Question
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The area wherein different accounting policies can be adopted:
a) Valuation of inventories
b) Retirement benefits
c) Treatment of goodwill
d) All of the above
0.3 Rating
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Selection of an inappropriate accounting policy may lead to:
a) Understand of Performance
b) Overstatement of Performance
c) Understatement or Overstatement of Financial Position
d) None of the above
0.3 Rating
View Answer
A change to Accounting Policy is justified to :
a) Comply with Accounting Standard
b) Comply with Law
c) Ensure more appropriate presentation of Financial Statements
d) All of the above
0.3 Rating
View Answer
Which is not an example of an accounting policy:
a) Going Concern
b) Valuation of Fixed Assets
c) Treatment of Retirement Benefits
d) Valuation of Inventories
0.3 Rating
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Selection of an appropriate accounting policies is not based on:
a) Prudence
b) Substance over Form
c) Amount involved
d) Materiality
0.2 Rating
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As per AS 1 disclosure should form part of:
a) The Final Accounts
b) The Auditor's Report
c) The Director's Report
d) The Books of Accounts
0.2 Rating
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Which of the following is one of the major considerations governing the selection and application of accounting policy:
a) Prudence
b) Materiality
c) Substance over form
d) All of the above
0.3 Rating
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Accounting principles and policies are to be standardised to achieve:
a) Transparency
b) Consistency
c) Comparability
d) All of these
0.2 Rating
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Accounting Policies:
a) Are prescribed by AS 1
b) Are laid down by Law
c) Are same for all concerns
d) Change from concern to concern
0.2 Rating
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Which of the following is not an example of change in accounting policy?
a) Change in method of providing depreciation on fixed assets
b) Change in the method of providing inventory valuation
c) Adopting double entry system of accounting in place of Single Entry
d) Change in method of valuation of Investments
0.2 Rating
View Answer

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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
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