Quiz on Accounting Standards in India

What year was the Accounting Standards Board (ASB) constituted?

• 1975

• 1977

• 1980

• 1985

Which body recommends accounting standards to the Ministry of Corporate Affairs (MCA)?

• Securities and Exchange Board of India (SEBI)

• National Financial Reporting Authority (NFRA)

• Central Board of Direct Taxes (CBDT)

• Institute of Chartered Accountants of India (ICAI)

How many accounting standards has the ICAI issued so far?

• 31

• 29

• 27

• 25

Which accounting standard was withdrawn due to the revision of AS 10?

• AS 6

• AS 8

• AS 4

• AS 2

What is the primary purpose of the Accounting Standards issued by the ASB?

• To regulate corporate governance

• To establish standards for financial statements

• To provide guidelines for auditing

• To ensure compliance with tax laws

Which of the following is NOT a step in the standard-setting procedure of ASB?

• Preparation of draft and its circulation

• Finalization of exposure draft

• Issuance of accounting standards

• Approval of financial statements

What does ASI stand for in the context of accounting standards?

• Accounting Standard Implementations

• Accounting Standard Interpretations

• Accounting Standard Instructions

• Accounting Standard Innovations

Which act allows the Central Government to prescribe accounting standards in India?

• Securities and Exchange Board of India Act, 1992

• Companies Act, 2013

• Chartered Accountants Act, 1949

• Income Tax Act, 1961

What is the role of the study groups constituted by ASB?

• To issue accounting standards

• To review financial statements

• To prepare preliminary drafts of proposed standards

• To finalize accounting standards

Which of the following organizations is NOT represented in the ASB?

• FICCI

• CII

• Reserve Bank of India

• ASSOCHAM