E5E6 Accounting Standards incomplete

Cost Accounting Standards Board is established by the council of

• ICWAI
• ICAI
• ICSI
• All of the above

Ind AS will apply to

• both consolidated as well as standalone financials of the company.
• Only consolidated financials
• Only standalone financials
• None of the above

 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

• True
• False
• Both 1&2
• None of the above

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

• Opening Ind AS Balance sheet as at 1 April 2015.
• Equity reconciliation b/w Ind AS and Indian GAAP on 1 April 2015 & 31 Mar 2016.
• Income Reconciliation b/w Ind AS and Indian GAAP for the year ending 31 Mar 2016.
• All of the above

For companies covered in phase I, the transition date would be

• 2015-04-01 00:00:00
• 2014-03-31 00:00:00
• 2015-03-31 00:00:00
• 2016-04-01 00:00:00

For companies covered in phase I , the company would be required to prepare opening balance sheet at which date:

• 2015-04-01 00:00:00
• 2014-03-31 00:00:00
• 2015-03-31 00:00:00
• 2016-04-01 00:00:00

Accounting cycle does not include

• Recording
• Decision making
• Classification
• Interpreting

One of the following is not the characteristic of Accounting Principles

• Result Oriented
• Factual
• Practical
• Summarizing

GAAP stands for:

• Generally Accepted Accounting Provisions
• Generally Accepted Accounting Policies
• Generally Accepted Accounting Principles
• None of the above

Which accounting principle states that companies and owners should be treated as separate entities.

• Monetary Unit Assumption
• Business Entity Concept
• Periodicity Assumption
• Going Concern Concept