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This section includes 7 InterviewSolutions, each offering curated multiple-choice questions to sharpen your Current Affairs knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
Mention the full form of ICAI. |
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Answer» Full form of ICAI is Institute of Chartered Accountants of India. |
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| 2. |
What do you mean by NACAS? |
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Answer» NACAS means National Advisory Committee on Accounting Standards. |
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| 3. |
According to Kohlar, what are Accounting Standards? |
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Answer» According to Kohlar, Accounting Standards are a Code of Conduct imposed on accountants by custom, law and a professional body. |
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| 4. |
Mention the full form of IFRS. |
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Answer» Full form of IFRS is International Financial Reporting Standards. |
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| 5. |
Mention the full form of ASB. |
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Answer» ASB means Accounting Standards Board. |
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| 6. |
What is the main objective of setting accounting standards? |
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Answer» The main objective of setting accounting standards is to bring uniformity in accounting policies and practices and to ensure transparency, consistency and comparability. |
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| 7. |
What do you mean by IASB? |
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Answer» IASB means International Accounting Standards Board. |
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| 8. |
Are the Accounting Standards rigid or not? |
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Answer» Accounting Standards are not rigid. |
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| 9. |
In India, what is to be followed by companies while preparing books of accounts? |
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Answer» In India, Indian Accounting Standards are to be followed by the companies while preparing books of accounts. |
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| 10. |
Give title name of Ind AS-1, Ind AS-2 and Ind AS-7. |
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Answer» 1. Ind AS-1: Presentation of Financial Statements 2. Ind AS-2: Inventories 3. Ind AS-7: Statement of Cash Flows. |
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| 11. |
What does Accounting Standards provide? |
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Answer» Accounting Standards provide rules and guiding principles for preparation and presentation of financial statements. |
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| 12. |
Give full form of IASC. |
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Answer» Full form of IASC is International Accounting Standard Committee. |
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| 13. |
In case of conflict between the accounting standard and law, what shall prevail/be considered? |
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Answer» In case of conflict between the accounting standard and law, the law shall prevail/be considered. |
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| 14. |
Accounting Standards provide rules and guiding principle for preparation and presentation of ……………(a) non-financial statements.(b) financial statements.(c) trial balance and balance sheet.(d) income-expenses statement. |
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Answer» Correct option is (b) financial statements. |
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| 15. |
In which year was IASC established?(a) 1970(b) 1973(c) 1977(d) 1975 |
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Answer» Correct option is (b) 1973 |
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| 16. |
How are Accounting Standards prepared? |
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Answer» Accounting Standards are prepared keeping in view the business environment and laws of the country. |
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| 17. |
On which date, IASB took over the responsibility for setting International Accounting Standards?(a) 1st March, 2001(b) 1st April, 2001(c) 1st March, 2002(d) 1st April, 2002 |
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Answer» Correct option is (b) 1st April 2001 |
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| 18. |
In which year was ASB set up by ICAI?(a) 1970(b) 1973(c) 1975(d) 1977 |
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Answer» Correct option is (d) 1977 |
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| 19. |
From the following, which is not the objective of accounting standards?(a) To bring uniformity in accounting policies.(b) To allow flexibility of adopting a particular method.(c) To enhance the reliability if financial statements.(d) To decrease the credibility of financial statements. |
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Answer» Correct option is (d) To decrease the credibility of financial statements. |
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| 20. |
Accounting Standards ……………(a) are rigid(b) are not rigid(c) are not useful(d) are not hard |
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Answer» Correct option is (b) are not rigid. |
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| 21. |
Who issues Indian Accounting Standards?(a) ICAI(b) SBI(c) IFRS(d) IASB |
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Answer» Correct option is (a) ICAI |
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| 22. |
In which year International Accounting Standards Committee (IASC) was established? |
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Answer» International Accounting Standards Committee was established in the year 1973. |
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| 23. |
State meaning of Accounting Standards and explain the concept thereof. |
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Answer» Meaning: An accounting standards are guidelines for financial accounting, such as how a firm prepares and presents its statements and reports. In other words, accounting standards are written statements of uniform accounting rules and guidelines, which is to be followed while preparing and presenting the financial statements. Explanation: Accounting standards are prepared keeping in view the business environment and laws of the country. Accounting Standards are not rigid. Therefore, when business environment or laws change, the accounting standards are revised. Concept: The rules, policies or guidelines stated by accounting standards are usually for measurement, valuation and disclosure of accounting information in the financial statements. According to Kohlar, accounting standards are a Code of Conduct imposed on accountants by custom, law and professional body. Professional accounting bodies identify areas of accounting where alternative and diverse practices are followed. In the initial years, such accounting standards are recommendatory for entities and are made mandatory gradually after some time. Accounting Standard recommends the practice out of diverse accounting practices that are available or evaluates them in details to ascertain acceptability thereof. In case of conflict between the accounting standard and law, the law shall prevail. |
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