Accounting Standards Quiz 2 – Punjab Meritorious School Preparation Portal

Welcome to your 12th Aug Accounting Standards Quiz 2 CBT TEST

Fill the Details mentioned below and Attempt the Test.

Name

School Name with City

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Accounting standards and Standards on Auditing establish standards which have to be complied with to ensure that financial statements are prepared in accordance with

Generally acceptable Audit Procedure

Accounting Principles

Ind AS

Accounting Standards

Accounting Standards for Non-Corporate entities in India are issued by

Central Govt.

State Govt.

Institute of Chartered Accounts of India

Reserve Bank of India

Accounting Standards

Harmonise accounting policies.

Eliminate the non-comparability of financial statements.

Improve the reliability of financial statements.

All the three.

Preparation of consolidated statement as per AS 21 is

Optional

Mandatory for listed Companies

Mandatory for Pvt. L

None of these

The sources of the Indian GAAP (IGAAP) Include:

(A) Indian Companies Act, 2013
(B) Notifications issued by Ministry of Finance
(C) Accounting standards
(D) ICAI's pronouncements

Choose the correct answer from the options given below.

A and C only

B, C, and D only

A, B, and C only

A, C, and D only

Which of the following events after the balance sheet date would normally qualify as adjusting events according to AS-4 (Events after balance sheet date)?

(A) The insolvency of a customer on the balance sheet date
(B) A decline in the market value of investments
(C) The declaration of an ordinary dividend
(D) The determination of the cost of assets purchased before the balance sheet date

Choose the most appropriate answer from the options given below:

(A), (C) and (D) only

(A) and (B) only

(B) and (C) only

(A) and (D) only

Preparation of consolidated Balance Sheet of Holding Co. and its subsidiary company as per

AS 11

AS 22

AS 21

AS-23

It is essential to standardize the accounting principles and policies in order to ensure

Transparency

Consistency

Comparability

All the three

Match the items of List I with the items of List II and choose the correct answer from the code given below.

	List I		List II
a.	AS – 1	i.	Accounting for fixed assets
b.	AS – 3	ii.	Disclosure of accounting policies
c.	AS - 10	iii.	Leases and its accounting
d.	AS - 19	iv.	Cash flow statements

(a)-(ii), (b)-(iv), (c) (i), (d)(iii)

(a)-(i), (b)-(ii), (c) - (iii), (d) - (iv)

(a)-(iii), (b)-(ii). (c)-(i), (d) (iv)

(a) (iii), (b)-(i), (c) - (iv). (d) (ii)

Match List-I with List-II

	List I		List II
a.	Ind AS – 16	i.	Income tax
b.	Ind AS – 38	ii.	Leasing
c.	Ind AS - 17	iii.	Intangible assets
d.	Ind AS - 12	iv.	Property, plant and equipments

Choose the correct answer from the options given below.

a-iv, b-iii, c-i, d-ii

a-iv, b-iii, c-ii, d-i

a-iii, b-ii, c-iv, d-i

a-iv, b-li, c-i, d-iii

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