Tag: book keeping and accountancy

Quizzes (126) Questions (1524)

Questions Related to book keeping and accountancy

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

Accounting Standards (ASs) are written policy documents may be issued by :
X. Expert accounting body
Y. Government
Z. Other regulatory body
Select the correct answer from the options given below _______________.

  1. X but not Y and Z

  2. Y but not X and Z

  3. Z but not X and Y

  4. All X, Y & Z
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Accounting standards can be issued by professional bodies (like ICAI), government agencies, or other regulatory bodies depending on the jurisdiction and the specific standard.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

Accounting standards are ____________________.

  1. Written policy documents issued by expert accounting body

  2. Set of broad accounting policies to be followed by an entity.

  3. Set in the form of general principles

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Accounting standards are comprehensive documents that include policies, principles, and guidelines to ensure consistency in financial reporting.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

Statements of Standard Accounting Practice and Financial Reporting Standards should be complied with when preparing the final accounts of a limited company because __________.

  1. The Companies Act $1985$ demands that they are used

  2. The auditors will insist they are followed

  3. The directors are under a legal obligation to ensure they are followed

  4. They ensure that the accounts present a 'true and fair view'
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The primary objective of complying with accounting standards is to ensure that financial statements provide a true and fair view of the company's financial position.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

The standard given by ICAI for calculation of depreciation is ________.

  1. Accounting standard 5 depreciation accounting

  2. Accounting standard 6 depreciation accounting

  3. Accounting standard 7 depreciation accounting

  4. Accounting standard 4 depreciation accounting
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

AS-6 was the specific standard issued by the ICAI to deal with depreciation accounting.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

Which one of the following is one of the major professional accountancy bodies in the India?

  1. Institute of Chartered Accountants of India

  2. Chartered Association of Accountants

  3. Indian Institute of Chartered Accountants

  4. Institute of Company Accountants
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Institute of Chartered Accountants of India (ICAI) is the primary professional body for accountants in India.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on _________, with a view to harmonizing the diverse accounting policies and practices in use in India.

  1. $2^{nd}$ Oct, 1977

  2. $21^{st}$ April, 1977

  3. $15^{th}$ Aug, 1977

  4. $21^{st}$ April, 1997
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Council of the Institute of Chartered Accountants of India constituted Accounting Standards Board (ASB) on 21st April, 1977 recognising the need for Accounting Standards in India.

In India, Standards of Accounting is issued by the Institute of Chartered Accountants of India (ICAI). 

The Council of the Institute of Chartered Accountants of India has so far issued thirty two accounting standards.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

How many accounting standards presently issued by ICAI and notified by CG?

  1. $29$

  2. $32$

  3. $31$

  4. $19$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. ASB of the ICAI has been issuing accounting standards.

Since then, it has issued 32 Accounting Standards so far, out of which 29 are notified by Central Government.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

The Institute of Chartered Accountants of India (ICAI) constituted the _________, with a view to harmonizing the diverse accounting policies and practices in use in India.

  1. Standards Board of Accounting (SBA)

  2. Accounting Standards Board (ASB)

  3. Accounting Standards Committee (ASC)

  4. Accounting Committee (AC)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. 

ASB of the ICAI has been issuing accounting standards since then. It has issued 32 Accounting Standards so far.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

Which of the following is not regarded as the fundamental concept that is identified by AS-1?

  1. Separate Entity Concept

  2. Prudence

  3. Going Concern Concept

  4. Accrual Concept
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

AS-1 identifies three fundamental accounting assumptions: Going Concern, Consistency, and Accrual. The Separate Entity concept is a basic accounting principle, but it is not listed as a fundamental assumption in AS-1.

Multiple choice book keeping and accountancy accounting standards: concept and objectives accounting standards accounting standards (as) and ifrs accounting systems and reporting standards

Accounting Standards in India are issued by _________________.

  1. The Board of Studies - ICAI

  2. The Accounting Standards Board-ICAI

  3. The Expert Advisory Committee - ICAI

  4. The International Accounting Standards Committee (IASC)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. 

ASB of the ICAI has been issuing accounting standards.

Since then, it has issued 32 Accounting Standards so far.