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IND AS QUIZ II

Authored by VP ASC

Business

Professional Development

Used 2+ times

IND AS QUIZ II
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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 10 pts

a. Recognition is when an event is recorded

b. Measurement is at what value an event is recorded

Both a and b are false

Both a and b are true

a is false and b is true

a is true and b is false

2.

MULTIPLE CHOICE QUESTION

45 sec • 10 pts

Pick the odd one out

Statement of Total Comprehensive Income

Statment of Changes in Equity

Statment of Financial Position

Comparative balance sheet

3.

MULTIPLE SELECT QUESTION

45 sec • 10 pts

Which of the following is the Scope of IFRS

It is applicable for Profit Oriented Undertakings

It is applicable for Joint stock companies

SMEs also can use IFRS

It is applicable for Non Profit Organizations

4.

MULTIPLE SELECT QUESTION

45 sec • 10 pts

Which of the following statements are not true

IFRS Improves accounting reporting

IFRS encourages Transparency

IFRS does not fasten globalization

IFRS doesnot help in comparability

5.

MULTIPLE CHOICE QUESTION

45 sec • 10 pts

IASB Stands for

International Auditing Standards Board

Indian Accounting Standards Board

International Accounting Standards Board

6.

MULTIPLE CHOICE QUESTION

45 sec • 10 pts

a. India made use of Ind AS Mandatory for all companies form 2015 - 16

b. All Companies with over Rs. 500 crore turnover were mandated to use IFRS from 2016 - 17

a is true and b is false

Both are flase

Both are true

a is false and b is true

7.

MULTIPLE SELECT QUESTION

45 sec • 10 pts

Which of the following constitute 4 Ds of a Accounting Standard

Recognition

Reporting

Measurement

Disclosure

Scope

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