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WorksheetsConvergence to IFRS - Module 4 of FA
Total questions: 80
Worksheet time: 40mins
IFRS consits of …..
IFRS 1 to 17
IAS 1 to 41
IFRIC and SIC Interpretations
All of the above
IAS in accounting stands means……
Indian Accounting Standards
Indian Administrative Service
International Accounting Standards
International Auditing Standards
IFRS stands for ….
Institutional Financial Reporting Standards
Indian Financial Reporting Standards
International Financial Reporting Services
International Financial Reporting Standards
IAS was formulated by …..
ICAI
ASB
IASB
IASC
IFRS was formulated by …..
ICAI
ASB
IASB
IASC
IASB was established in the year ….
1973
2001
2015
1977
IASC was established in the year ….
1973
2001
2015
1977
presentation of financial statements comes under ….
IAS 1
IFRS 1
Ind AS 101
IAS 2
first time adoption of IFRS comes under …..
IAS 1
IFRS 1
IFRS 2
IAS 2
carve-out means ….
provisions of IFRS included in Ind AS
Provisions of IFRS deleted in Ind AS
new provisions inserted in Ind AS
All of the above
Ind AS is ……
the converged version of US GAAP
the converged version of FASB
the converged version of IFRS
None of the above
Ind AS is =……
IFRS + Carve outs
IFRS - Carve outs
IFRS * Carve outs
IFRS / Carve outs
which of the following is NOT a reason for convergence
for keeping the sovereignty
for meeting the local needs
for permitting IASB in standard setting
for meeting the national legal framework
IASB was controlled and funded by ….
IFRIC
IFRS Advisory Council
IFRS Technical Committee
IFRS Foundation
who formulates US GAAP
ASB of ICAI
IASB of ICAI
FASB
IASB
The regulator of accounting and auditing formed as per Companies Act 2013 is ….
PFRDA
ICAI
NFRA
IRDA
NFRA stands for ……
National Fund Regulation Authority
National Financial Reporting Authority
National Financial Registration Authority
National Financial Reporting Agency
Financial Statements of companies does NOT include …….
SOPL
SOFP
SOCE
SOPF
SOFP stands for ….
Summary of Financial Position
Statement of Financial Position
Statement of Financial Profit
Summary of Financial Profit
SOCE stands for …..
Summary of Cash and Equity
Statement of Cash Equity
Statement of Changes in Equity
Statement of Composite Equity
SOCF stands for ……
Statement of Changes in Fund
Statement of Cash Fund
Statement of Comprehensive Fund
Statement of Cash Flows
OCI stands for …..
Original Cash Income
Organizational Cash Income
Other Comprehensive Income
Other Cash Income
which of the following is NOT a need for Accounting Standards
Protection of the interest of investors
promting disparity in accounting practice
uniformity of presentation
regulatory compliances
which of the follwing is NOT a benefit of accounting standards
Comparability
assists auditors
impliments fraud promotion activities
improves reliability of financial information
which is NOT a feature of IFRS
principle based
global in nature
rule based
comparability, reliability and transparency
The first step in the IFRS standard setting process is …..
publication of exposure draft
publication of discussion paper
publication of standard
setting the agenda for standard
which is correct in respect of Exposure Draft
It is a draft standard
it is exposed to the public for comments
any one can suggest and state their opinion on the draft
All of the above
post implementation measures of IFRS consists of ……
training and development
publicity and communication
implementation strategies and interpretations
All of the above
ICAI was establieshed in the year ….
1947
1949
1950
1967
which of the following is NOT a function of ICAI
Education and Examination of CA courses
conducting professional development programs and post qualification courses
prescribing ethical standards for companies
prescribing ethical and professional standards for members
ASB was constituted in the year …..
1949
1977
1973
1971
ASB stands for ….
Accounting Service Board
Accounting Selection Board
Accounting Standards Bank
Accounting Standards Board
Applicability of Accounting Standards for companies are notified by …..
Ministry of Finance
Ministry of Industries
Ministry of Corporate Affairs
Ministry of Foreign Affairs
NFRA was constituted in the year ….
2013
2014
2018
2020
which is TRUE about the Conceptual Framework
generally accepted theoretical principles
serves as a frame of reference
forms basis for the development of standards
All of the above
which is NOT a nature of Conceptual Framework
avoids last minute fire fighting
theoretical in nature
creates ambiguity
avoids contradictions and inconsistencies
Primary users of accounting information consists of
Existing and Potential Investors
Lenders and Creditors
Both of the Above
None of the above
Fundamental Qualitative Characteristics of Financial Information consists of …..
Relevance
Faithful representation
Materiality
All of the above
Enhancing Qualitative Characteristics of Financial Information consists of ….
Comparability and Verifyability
Timeliness and Understandability
Both of the Above
None of the above
Financial Information has Relevance, if it holds ….
Predictive Value
Conformatory Value
Materiality
All of the above
Financial Information has Faithful Representation, if it holds ….
Completeness
Neutrality
Reliability and Free from errors
All of the above
As per IFRS , Elements of Financial Statements includes …
Assets and Liabilities
Equity
Income and Expense
All of the above
To be called as a liablity, the obligation must be a ….
future obligation
present obligation
contingent obligation
probable obligation
Assets are resources controlled by the entity as a result of …..
furure events
past events
current events
None of the above
For calling as a Liability, the present obligation should arise from ……
furure events
past events
current events
None of the above
Equity is the difference between …..
Income and Expenses
demand and supply
capital and drawings
Assets and Liabilities
…….. Is the increase in economic benefits during the accounting period
Expenses
Income
Assets
Liabilities
Income is increase in economic benefit in the form of …..
inflows
enhancement of assets
decrease of liabilities
All of the above
…… is called the residual interest in the assets of an entity
Assets
Liabilities
Equity
Income
Expenses in the form of decrease in economic benefits arises from ……
outflows
depletion of assets
increase of liabilities
All of the above
Expenses will result in ……
increase in equity
decrease in equity
Both of the Above
None of the above
Recognition ctiteria of Financial Elements does NOT include …..
meeting the definition of such item to be recognised
inflow / out flow of economic benefits
Reliable measurement of Cost / Value
Decision in the Board Meeting
which is NOT a criteria for recognising a liability
probability of future economic benefits flow in to the entity
probability of outflow of economic benefits
Reliable measurement of Cost / Value
meeting the definition of liability
which is the recognition criteria of assets
probability of future economic benefits flow in to the entity
probability of outflow of economic benefits
Reliable measurement of Cost / Value
All of the above
which of the following is NOT a measurement basis
Historical Cost
Current Cost
Present Value
Social Value
The process of assigning value to an item or transaction is called
Recognition
Measurement
Presentation
Disclosure
The process of showng financial elements in the final accounts is called ….
Recognition
Measurement
Presentation
Disclosure
The process of revealing all relevant information along with the final accounts is called as
Recognition
Measurement
Presentation
Disclosure
The process of removing a financial item from the books of accounts is called as …..
De-presentation
De-disclosure
De-recognition
De-measurement
The two types of Capital Maintenance under IFRS are
Financial Capital and Social Capital
Financial Capital and Physical Capital
Financial Capital and Human Capital
None of the above
Financial Capital implies ….
Net Assets
Equity
Both of the Above
None of the above
Physical Capital does NOT implies …..
Operating Capacity
Production Capacity
Plant Capacity
Working Capial
Voluntary adoption of Ind AS for companies started from the year ..…
2016-2017
2017-2018
2018-2019
2015-2016
Phase 2 of Mandatory adoption of Ind AS for companies started in the year ….
2016-2017
2017-2018
2018-2019
2015-2016
Which is NOT coming under the mandatory adoption of Ind AS - Phase 1
Listed companies having networt above 500 crore
Unlisted Companies having networth above 500 crores
Group Companies of the above companies
Private Limited companies having networth aboe 500 crores
Which is NOT coming under the mandatory adoption of Ind AS - Phase 2
All Listed Companies
All Unlisted Companies
Unlisted Companies having networth above 250 Crores
Subsidiary Companies of listed companies
Companies (Ind AS) Rules were first notified on ……
16-02-2015
16-02-2018
16-02-2012
16-02-2020
The value agreed upon by market participants in an orderly conducted transaction is called as …..
Time Value
Historical Value
Fair Value
All of the above
major Carve outs in IND AS 101 are …
carrying amount as deemed cost for first time adoption
classification of Lease of Land and Building
identification of Non Current Assets held for Sale and discontinued operation
All of the above
Business Combinations of entities under common control as per Ind AS 103 is an example of …..
Carve-outs
Carve-ins
Similarity of Ind AS with IFRS
None of the above
Position Statement in Ind AS is termed as ….
SOFP
SOCF
Balance Sheet
SOPL
