Hello Aspiring Chartered Accountants and Accounting Enthusiasts! 📚✨
Welcome to a comprehensive exploration of the CA Intermediate New Course - Advanced Accounting, focusing specifically on the intricacies of Accounting Standards. In this blog post, we're diving deep into the realm of objective-based questions – the perfect tool to sharpen your understanding of this critical subject.
As you journey through the world of accounting standards, we've curated a set of targeted Multiple-Choice Questions (MCQs) to serve as your practice companion. Whether you're gearing up for exams or looking to reinforce your grasp on these standards, this blog is designed with your success in mind.
The CA Intermediate New Course demands a thorough understanding of Accounting Standards, and our objective-based questions are crafted to align with this requirement. From the conceptual foundation to practical applications, we're here to guide you every step of the way.
Join us on this learning adventure as we navigate through the nuances of Advanced Accounting and elevate your preparation with strategic MCQs. Our goal is to empower you with knowledge, boost your confidence, and equip you for success in your CA Intermediate journey.
So, gear up for an engaging exploration of Accounting Standards through the lens of objective-based questions. By the end of this blog post, you'll not only have a clearer understanding of the subject but also be well-prepared to tackle the challenges that lie ahead.
Whether you're a CA Intermediate student, accounting professional, or an eager learner, let's make this journey through Advanced Accounting both insightful and rewarding. Ready to test your knowledge? Let's dive in! 📊📖
Introduction to Accounting Standards
Question 1: Phase I of Ind AS was applicable to:
- a) All listed companies in India or outside India
- b) Companies with turnover INR 500 crores or more
- c) Companies with net worth INR 500 crores or more
- d) Companies with turnover INR 250 crores or more
Question 2: IASB stands for
- a) International Accounting Standards Bureau
- b) International Advisory Standards Board
- c) International Accounting Standard Board
- d) International Accounting System Board
Question 3: Which committee is responsible for approval of accounting standards and their modification for the purpose of applicability to companies?
- a) National Advisory Committee on Accounting Standards
- b) Central Government Advisory Committee
- c) Advisory Committee for approval of Accounting Standards
- d) None of the above
Question 4: Accounting Standards cover the aspect of
- a) Recognition of events and transactions in the financial transactions.
- b) Measurement of events and transactions in the financial transactions.
- c) Presentation and disclosure of events and transactions in the financial transactions.
- d) All of the above
Question 5: IFRS stands for
- a) International Financial Reporting System
- b) International Finance Reporting Standard
- c) International Financial Reporting Standard
- d) International Financial Reserve Standard
Question 6: Additional guidance given in Ind AS over and above what is given in IFRS are called
- a) Carve-outs.
- b) Carve-ins.
- c) Carve clarifications.
- d) Clarifications
Question 7: Accounting Standards for non-corporate entities in India are issued by
- a) Central Govt.
- b) State Govt.
- c) Institute of Chartered Accountants of India.
- d) MCA
Question 8: Accounting Standards
- a) Harmonise accounting policies and eliminate the non-comparability of financial statements.
- b) Improve the reliability of financial statements.
- c) Both (a) and (b).
- d) Manipulate the data for the management.
Question 9: It is essential to standardize the accounting principles and policies in order to ensure
- a) Transparency.
- b) Consistency.
- c) Comparability.
- d) All the above.
Question 10: Which committee is responsible for approval of accounting standards and their modification for the purpose of applicability to companies?
- a) NFRA.
- b) MCA.
- c) Central Government Advisory Committee.
- d) IASB
Question 11: Global Standards facilitate
- a) Cross border flow of money.
- b) Comparability of financial statements.
- c) Uniformity and Transparency of financial statements.
- d) All the three.
In the dynamic landscape of CA Intermediate studies, we've strived to enhance your learning experience with our meticulously crafted objective-based questions. Navigating through the chapters of Advance Accounting and Business Growth, specifically delving into the nuances of Introduction to Accounting Standards, our comprehensive set of MCQs aims to provide you with a quick yet thorough revision before your examination.
Remember, success in CA Intermediate requires not just theoretical understanding but also a strategic approach to mastering key concepts. We hope these tailored questions become a valuable asset in your preparation, aiding you in your journey to conquer the CA Intermediate examination.
Best wishes for your exams! 🌟
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