Tag: accounting standards: concept and objectives

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Questions Related to accounting standards: concept and objectives

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

AS - 3 deals with __________________.

  1. Accounting for government grants

  2. Accounting for amalgamations

  3. Cash Flow statement

  4. Fund Flow statement
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Accounting standards are rules and guidelines set up by the governing bodies, to keep accounting practices consistent and understandable across all companies and industries. 

Accounting standards in India are issued by the Institute of Chartered Accountants of India. At present, there are 30 Accounting Standards. 
Out of these, AS- 3 deals with Cash Flow Statement. 

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 issued by the Institute of Chartered Accountants of India are mandatory to which of the following _______________.

  1. Sole proprietor

  2. Partnership firm

  3. Corporate body

  4. All the three
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Institute of Chartered Accountants of India has formed Accounting Standards which are mandatory for all the body corporate. 

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

Match List-I(Items) with List-II(Standards) and select the correct answer using the codes given the lists.

List-I(Items) List-II(Standards)
I. Accounting for fixed assets (a) AS-9
II. Revenue recognition (b) AS-10
III. Depreciation accounting (c) AS-3
IV. Cash flow statement (d) AS-6

  1. I-(b), II-(c), III-(d), IV-(a)

  2. I-(d), II-(a), III-(b), IV-(c)

  3. I-(b), II-(a), III-(d), IV-(c)

  4. I-(d), II-(c), III-(b), IV-(a)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Indian accounting standard is the accounting standard adopted by companies in India and issued under the supervision of accounting standards board (ASB) which was constituted as a body in the year 1977.
1. Accounting for fixed assets - AS-10
2. Revenue recognition - AS-9
3. Depreciation accounting - AS-6
4. Cash flow statement - AS-3