
Accounting Standards Quiz
Authored by Vijayalakshmi Sailapathi
Professional Development
University
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary objective of accounting standards?
To increase tax revenue
To minimize regulatory oversight
To reduce the cost of financial audits
To ensure consistency and comparability of financial statements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines IND AS (Indian Accounting Standards)?
A set of rules for taxation in India
Guidelines for internal management accounting
Regulations for corporate governance in India
A framework for financial reporting in India, converged with IFRS
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of IFRS (International Financial Reporting Standards)?
To provide guidelines for company formation
To set rules for mergers and acquisitions
To establish tax reporting requirements
To standardize accounting practices worldwide
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a benefit of adopting IFRS?
Increased regional tax rates
Reduced compliance with local regulations
Greater complexity in financial reporting
Enhanced comparability of financial statements across international borders
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One limitation of accounting standards such as IND AS and IFRS is:
Increased transparency in financial reporting
Enhanced comparability with global standards
Lower compliance costs
Incompatibility with local business practices
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is primarily responsible for formulating IFRS?
National Financial Reporting Authority (NFRA)
International Financial Reporting Standards Foundation (IFRS Foundation)
Securities and Exchange Commission (SEC)
International Accounting Standards Board (IASB)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary body responsible for the formulation of IND AS in India?
Institute of Chartered Accountants of India (ICAI)
National Financial Reporting Authority (NFRA)
Securities and Exchange Board of India (SEBI)
Ministry of Corporate Affairs (MCA)
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