Accounting Standards Quiz 1 – Punjab Meritorious School Preparation Portal

Welcome to your 10th Aug Accounting Standards Quiz 1 CBT TEST

Fill the Details mentioned below and Attempt the Test.

Name

School Name with City

Phone Number

What is the aim of accounting standards in India?

To make financial statements more comparable.

To ensure uniformity in accounting policies.

To guide the judgement of professional accountants.

All of the above

The sources of the Indian GAAP (IGAAP) Include:

Indian Companies Act, 2013
Notifications issued by Ministry of Finance
Accounting standards
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

How many mandatory accounting standards are there in India 2020?

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 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

ASB stands for accounting standardisation benchmarking.

True

False

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

1977

2001

2013

2019

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

Transparency

Consistency

Comparability

All the three

Requirements for additional disclosures is limitation of accounting standards.

True

False

Accounting Standards

Harmonise accounting policies.

Eliminate the non-comparability of financial statements.

Improve the reliability of financial statements

All the three

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