Scribd
Upload
2K views6 pages

Advance Accounting Solved MCQs (Set-1)

This document contains 25 multiple choice questions about Indian accounting standards. The questions cover topics such as the formation of the Accounting Standards Board of India, the standards that deal with accounting for construction contracts, research and development costs, government grants, retirement benefits, earnings per share, asset impairment, and more. The accounting standards are intended to harmonize the diverse accounting policies and practices used in India.

Uploaded by

Sãhil Sîngh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
2K views6 pages

Advance Accounting Solved MCQs (Set-1)

This document contains 25 multiple choice questions about Indian accounting standards. The questions cover topics such as the formation of the Accounting Standards Board of India, the standards that deal with accounting for construction contracts, research and development costs, government grants, retirement benefits, earnings per share, asset impairment, and more. The accounting standards are intended to harmonize the diverse accounting policies and practices used in India.

Uploaded by

Sãhil Sîngh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 6

Advance Accounting MCQs [set-1]

Chapter: Accounting Standard

1. The accounting standards Board (India) was formed by the Institute of


Chartered Accountants of India in April---------------
A. 1977
B. 1978
C. 2001
D. 2009
Answer: A

m
2. Accounting Standards in India are Issued by the …………..
o
A. ICAI
. c
B. BMCC
te
C. IT
a
D. IMA
Answer: A q M
c
3. Accounting Standards areM
beneficial not only to the business enterprises but also
to the………….. as well.
A. accountants & auditor
B. Customers
C. Family and Country
D. Traders
Answer: A

4. The important objective of Accounting standards is to the …………..diverse


accounting policies and practices at present in use in India.
A. harmonies
B. incomplete
C. complex
D. compact
Answer: A
5. AS-7 deals with accounting for construction contracts in financial statements of
A. contractors
B. Accountants
C. Agents
D. Dealers
Answer: A

6. AS -26 deals with the treatment of costs of……………in financial statements.


A. Research & development
B. Construction contract
C. Assets
D. Risk & Rewards
Answer: A

7. Investment made by government as equity in the ownership of an enterprise is


known as ------------
A. participation
B. interested
C. refundable
D. not interested
Answer: A

8. Govt. grants become -----------because of non fulfillment of the conditions


attached to that grant.
A. Refundable
B. non refundable
C. overdraft
D. income
Answer: A

9. AS 15 deals with the accounting for retirement benefits in the financial


statements of --------------
A. employers
B. employees
C. top manager
D. none of these
Answer: A

Download more sets at McqMate.com


10. Revised AS 15 – Employees benefits is applicable in respect of accounting
periods commencing on or after 1st April ----------
A. 2006
B. 1978
C. 2001
D. 2009
Answer: A

11. AS …………….also focuses on profit sharing and bonus plan.


A. AS- 15
B. AS-21
C. AS- 28
D. AS- 7
Answer: A

12. AS-17 segment reporting applies to those companies which have an annual
turnover of Rs……….crores or more.
A. 50
B. 80
C. 21
D. 20
Answer: A

13. …………….reporting helps uses of financial statements to better assess the risk
and t returns of the enterprise.
A. segment
B. Account
C. statement
D. management
Answer: A

14. As per AS-19 …………nlease risk and reward is not transferred to the lessee.
A. operating
B. non operating
C. manageable
D. refundable
Answer: A

Download more sets at McqMate.com


15. In financial lease as per As-19 leased assets is shown in the Balanced sheet of--
A. lessee
B. income
C. loss
D. refund
Answer: A

16. AS -20 deals with presentation and Computation of---------------


A. earnings per share
B. profit sharing ratio
C. rate of interest
D. solvency
Answer: A

17. Earning per share is very important financial ratio is computed for assessing
the state of --------------price of shares.
A. Market
B. area
C. shops
D. none of these
Answer: A

18. Right issue generally made at a price lower that…………….value of shares.


A. Fair
B. fixed
C. computing
D. fluctuating
Answer: A

19. Impairment assets is nothing but………………….in the value of assets


A. decrease
B. increase
C. fixed
D. none of these
Answer: A

20. Recoverable amount of an asset isof selling price and value of an assets in use.

Download more sets at McqMate.com


A. higher
B. lower
C. a and d only
D. fixed
Answer: A

21. AS 7 does not apply to Contractors


A. false
B. true
C. none of the above
D. may be false
Answer: A

22. As per AS architects services are not included in construction contract.


A. false
B. true
C. may be true
D. both a and b
Answer: A

23. As per AS 7 Research and Development cost is to be excluded from contract


cost .
A. true
B. false
C. may be false
D. neither a nor b
Answer: A

24. AS – 7 deals with accounting for Government grants.


A. false
B. true
C. may be true
D. neither true nor false
Answer: A

25. As per AS 15 accumulated compensated absences can be carried forward if the


current period entitlement is not used in full.
A. true

Download more sets at McqMate.com


B. false
C. may be false
D. may be true
Answer: A

Download more sets at McqMate.com

You might also like