WorksheetsIntroduction and Development to International Accounting
Total questions: 20
Worksheet time: 10mins
Account means
to record essays.
to record financial information.
to analyse financial pieces of information
All of above
Accounting means
rules and regulations to maintain accounts.
system to maintain accounts.
The process of recording accounts
All of above
Who is the father of accounts
Alfred Marshall
Adma Smith
Luca Pacioli
KS Ayer
From where did the accounting principles orignated
US
China
India
Italy
How many types of GAAP are there
1
2
4
6
The generally accepted accounting principles prepared and accepted within the boundaries of a country are called as
International GAAP
National GAAP
IFRS
None
IFRS
International Financial Reporting Standards
Indian Financial Reporting Standards
International Financial Reporting System
None
In which year are Indian Accounting Standards in line with IFRS?
1973
1977
2001
2011
In which year did International Accounting Standards (IAS) come into effect?
1947
1953
1973
2021
Why do we need International Accounting??
Increase in world trade
Development of MNCs
Increase in international working capital
All of the above
FDI stands for
Foreign Direct Investors
Financial Direct Investment
Foreign Distance Investment
Foreign Direct Investment
What is the major risk associated with accounting for international sales?
Currency conversion
Goods stolen
Goods destroyed
All of above
To reduce differences (diversities) is called
FDI
GAAP
Harmonization
IFRS
Hedging is used to reduce which kind of risk in international accounting?
Political risk
Operational risk
Currency conversion risk
None
What are the options included in FDI?
Investment
Acquisition
Occupy
All of the above
IASB refers to
Indian Accounting Standards Board
International Accounting Standards Board
Indian Accounting System Board
International Accounting Standards Body
How many ways to comply with IFRS
1
4
6
2
Indian Accounting Standard used converge option to comply with IFRS
True
False
International Accounting is a branch of
Marketing
Branding
Accounting
Corporate
What are the reasons for development of International accounting?
Trade expansion
Increase in MNCs
Increase in flow of capital
All of the above
