CA Inter Advance Accounts New Course Advance Accounts - Applicability of Accounting Standards Objective Questions MCQ'S TEST

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 Applicability 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 Applicability 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.

1. All non-corporate entities engaged in commercial, industrial or business activities having borrowings (including public deposits) in excess of rupees two crores but does not exceed rupees ten crores at any time during the immediately preceding accounting year.

(a) Level II entities.
(b) Level IV entities.
(c) Level III entities.
(d) Level I entities.

Answer - (c)

2. Small and Medium Sized Company (SMC) means, a company-

(a) which may be a bank, financial institution or an insurance company.
(b) whose turnover (excluding other income) does not exceed rupees two-fifty crores in the immediately preceding accounting year;
(c) whose turnover (excluding other income) does not exceed rupees fifty crores in the immediately preceding accounting year;
(d) whose turnover (excluding other income) does not exceed rupees five hundred crores in the immediately preceding accounting year.

Answer - (b)

3. All non-corporate entities engaged in commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees 250 crores in the immediately preceding accounting year, are classified as

(a) Level II entities.
(b) Level I entities.
(c) Level III entities.
(d) Level IV entities.

Answer - (b)

4. Non-corporate entities which are not Level I entities whose turnover (excluding other income) exceeds rupees ___________ but does not exceed rupees two-fifty crores in the immediately preceding accounting year are classified as Level II entities.

(a) five crores.
(b) two crores.
(c) fifty crores.
(d) ten crores.

Answer - (c)

5. One of the eligibility criteria for classification of non-corporate entities as Level II is that all commercial, industrial and business activities, whose turnover (excluding other income) exceeds

(a) 50 crore but does not exceed 250 crore in the immediately preceding accounting year
(b) 40 lakhs but does not exceed 50 crore in the immediately preceding accounting year
(c) 50 crore but does not exceed 200 crore in the immediately preceding accounting year
(d) 10 crores but does not exceed 50 crore in the immediately preceding accounting year.

Answer - (a)

6. Which of the following accounting standards is not applicable to Level II and Level III non-corporate entities in their entirety?

(a) AS 17 Segment Reporting
(b) AS 28 Impairment of Assets
(c) AS 19 Leases
(d) AS 29, Provisions, Contingent Liabilities and Contingent Assets

Answer - (b)

7. The following Accounting Standard is not applicable to Non-corporate Entities falling in Level II in its entirety

(a) AS 10.
(b) AS 17.
(c) AS 2.
(d) AS 13.

Answer - (c)

8. Non-corporate entities which are not Level I entities whose turnover (excluding other income) exceeds rupees but does not exceed rupees two-fifty crores in the immediately preceding accounting year are classified as Level II entities.

(a) five crores.
(b) two crores.
(c) fifty crores.
(d) ten crores.

Answer - (c)

9. The following Accounting Standard is not applicable to Non-corporate Entities falling in Level II in its entirety

(a) AS 10.
(b) AS 17.
(c) AS 2.
(d) AS 13.

Answer - (c)

10. All non-corporate entities engaged in commercial, industrial and business reporting entities, whose turnover (excluding other income) exceeds rupees 250 crores in the immediately preceding accounting year, are classified as

(a) Level II entities.
(b) Level I entities.
(c) Level III entities.
(d) Level IV entities.

Answer - (b)

11. All non-corporate entities engaged in commercial, industrial or business activities having borrowings (including public deposits) in excess of rupees two crores but does not exceed rupees ten crores at any time during the immediately preceding accounting year.

(a) Level II entities.
(b) Level IV entities.
(c) Level III entities.
(d) Level I entities.

Answer - (c)

12. “Small and Medium Sized Company” (SMC) means, a company-

(a) which may be a bank, financial institution or an insurance company.
(b) whose turnover (excluding other income) does not exceed rupees two-fifty crores in the immediately preceding accounting year;
(c) whose turnover (excluding other income) does not exceed rupees fifty crores in the immediately preceding accounting year;
(d) whose turnover (excluding other income) does not exceed rupees five hundred crores in the immediately preceding accounting year.

Answer - (b)

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 Applicability of 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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