Font size
WorksheetsT1ACC612
Total questions: 10
Worksheet time: 5mins
Accounting theory has been defined as a coherent set of logical principles that:
Provides a better understanding of existing practices to practitioners, investors, managers and other users
Provides a conceptual framework for evaluating existing accounting practices
Both
None
What are the key elements of Accounting theory
Relevance
Comparability
Uniqueness
Explanatory
Communication-decision is orientation of:
Structural or Syntactical theories
Interpretational or semantical theories
Behavioral or pragmatic theories
Inductive theories
Which theory attempts to determine whether users of accounting information understands and correctly interpret the information producers’ intended meeting?
Structural or Syntactical theories
Interpretational or semantical theories
Behavioral or pragmatic theories
Deductive theories
Which approach emphasis on the concepts of fairness, justice and truth?
Deductive Approach
Inductive Approach
Ethical Approach
Social Approach
To reflect the viewpoints of professional institutes, industry, government and individuals, the establishment of concepts and principles of accounting results in the ________ approach.
Deductive Approach
Inductive Approach
Eclectic Approach
Social Approach
MCA has notified a phase-wise convergence to IND AS from current accounting standards for companies that operates in India is an example of :
Economic environment
Socio-economic environment
Statutory environment
Political environment
Which Accounting Standard, the Government recently amended to cope with negative consequences of COVID-19 pandemic?
Ind AS 104
Ind AS 113
Ind AS 70
Ind AS 120
What will usually cause an asset account to increase?
Assets are usually reported on the balance sheet at (a)
