Practice Test

Q1) Ind AS-11 requires contract revenue to be measured at - Show Answer

Q2) Ind AS-20 requires government grants of the nature of promoters contribution to be - Show Answer

Q3) Ind AS-34 requires the following in the contents of an interim financial report in addition to what was required under previous standard AS-25 condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement - Show Answer

Q4) Ind AS-7 deals with: Show Answer

Q5) The main objective of the Ind AS-10 is: Show Answer

Q6) Ind AS-1 requires disclosure of critical assumptions about the future and other sources of measurement uncertainty - Show Answer

Q7) Ind AS-1 requires that classification of expenses be presented on the basis of - Show Answer

Q8) IAS I requires: Show Answer

Q9) IAS-1 allows classification of expenses based on ____ within the equity. Show Answer

Q10) Ind AS-2 provides for reversal of the write-down of inventories to: Show Answer

Q11) Ind AS-2 Show Answer

Q12) Ind AS-7: Show Answer

Q13) Ind AS-11 deals with: Show Answer

Q14) Which group of ratios measures a firm's ability to meet short-term obligations? Show Answer

Q15) APB Stands for Show Answer

Q16) Adoption means application of IFRS issued by IASB as it is in entirety. Convergence means using IFRS issued by IASB with some carve in and carve outs. Show Answer

Q17) Companies covered in Phase I should have net worth Show Answer

Q18) Ind AS will apply to Show Answer

Q19) Ind AS once adopted either voluntarily or mandatorily can not be revoked in prospective years even in case of net worth goes down from specified limit or any other criteria given in roadmap. Show Answer

Q20) As part of Ind AS transition process, companies covered in first phase will have to prepare : Show Answer

Q21) The net worth shall be calculated in accordance with the ............. of the company as on ............. or the first audited financial statements for accounting period which ends after that date; Show Answer

Q22) Total Number of Ind AS which are notified as of date? Show Answer

Q23) The convergence of the Indian Accounting Standards with IFRS began in - Show Answer

Q24) The global key professional accounting body is - Show Answer

Q25) The original cost at which an asset or liability is acquired is known as - Show Answer

Q26) The International Accounting Standards Committee was set up in - Show Answer

Q27) The process of converting foreign - subsidiary financial statements into the home currency is known as - Show Answer

Q28) The accounting process in which the financial statements of a parent company and its subsidiaries are added together to yield a unified set of financial statements is called - Show Answer

Q29) Accounting in India is governed by the - Show Answer

Q30) Which Ind AS is applicable on Investment Property Show Answer

Q31) Ind AS 36 is related with the following Show Answer

Q32) Ind AS 38 is on : Show Answer

Q33) Ind AS - 2 is on Show Answer

Q34) Ind AS -108 is related with the following Show Answer

Q35) Which Ind AS is applicable on share based payments Show Answer

Q36) Related party disclosure Show Answer

Q37) Interest in Joint Ventures Show Answer

Q38) Ind AS 19 is on : Show Answer

Q39) Interim Financial Reporting : Show Answer

Q40) Ind AS - 27 is related with the following : Show Answer

Q41) Ind AS - 31 is related with the following : Show Answer

Q42) Mandatory applicability of Ind AS to all Banks, NBFCS (Non-Banking Finance Companies), and Insurance Companies is from: Show Answer

Q43) Under Ind AS1, presentation of any items of income or expenses as extraordinary item is: Show Answer

Q44) Ind As 20 requires government grants of the nature of promoters contribution:
Show Answer

Q45) Ind AS 11 requires contract revenue to be measured at______. Show Answer

Q46) Ind AS 34 requires the following in the contents of an interim financial report in addition to what was required under previous standard AS 25: Show Answer

Q47) ________ are set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards.
Show Answer

Q48) Ind AS 113 deals with: Show Answer

Q49) _______ prescribes the basis for presentation of general purpose financial statement to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. Show Answer

Q50) The IFRS foundation has a ______ governance structure. Show Answer

Q51) The standard-setting procedure of Accounting Standards Board cannot be outlined as: Show Answer

Q52) In case there is any conflict between provisions of any applicable Act and Accounting Standards, the ____ shall prevail. Show Answer

Q53) Trustees of IFRS Foundation have been appointed for a: Show Answer

Q54) Members of the IFRS Advisory Council are appointed by the: Show Answer

Q55) Ind AS shall be adopted by specific classes of companies based on their: Show Answer

Q56) From 1st April 2019 if Net worth is more than or equal to 250 crore but less than 500 crore it becomes mandatory to apply Ind AS
for. Show Answer

Q57) Ind AS 104 on Insurance Contract will not be applicable to: Show Answer

Q58) Financial Reporting Council (FRC) of the UK is a/an Show Answer

Q59) Who notified the adoption and applicability of Indian Accounting Standards (Ind ASs) to Indian companies? Show Answer

Q60) Ind AS 110 deals with: Show Answer

Q61) For the accounting period beginning on or after 1st April, 2019, all unlisted NBFCs whose net worth is more than or equal to _____ but less than ____ shall mandatorily follow the Ind ASS.
Show Answer

Q62) As part of Ind AS transition process, companies covered in first phase will have to prepare : Show Answer

Q63) Ind AS-108 is related with the following
Show Answer

Q64) Ind AS-2 is on Show Answer

Q65) Ind AS-27 is related with the following:
Show Answer

Q66) Ind AS-31 is related with the following: Show Answer