IND AS QUIZ II

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

Pick the odd one out

• Statement of Total Comprehensive Income

• Statment of Changes in Equity

• Statment of Financial Position

• Comparative balance sheet

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

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

IASB Stands for

• International Auditing Standards Board

• Indian Accounting Standards Board

• International Accounting Standards Board

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

Which of the following constitute 4 Ds of a Accounting Standard

• Recognition

• Reporting

• Measurement

• Disclosure

• Scope

The Question 'Where to record a economic transaction' is answered by _________

• Recognition

• Reporting

Which of the following statements are true for assets

• They are properties controlled by entity

• Assets will yeild benefits in future

• all assets should be owned by entity

• assets should be in physical form only

a. Liabilities are Obligations that needs to be paid
b. Increase in Obligation results in expenses

• a is true and b is false

• a is false and b is true

• Both are false

• Both are true