MCQ for CA Intermediate ACCOUNTING - Chapter 1 - INTRODUCTION TO ACCOUNTING STANDARDS

Sample Multiple Choice Questions (MCQ's) for CA Intermediate - Paper 1 - ACCOUNTING - Chapter 1: INTRODUCTION TO ACCOUNTING STANDARDS - For Practice relevant for May/November 23 Examinations

 

Q1. Accounting Standards for non-corporate entities in India are issued by 

  1. Central Govt.
  2. State Govt.
  3. Institute of Chartered Accountants of India.

Answer: 3

Q2.  Accounting Standards

  1. Central Govt.
  2. State Govt.
  3. Institute of Chartered Accountants of India.

Answer: 3

Q3.  Which committee is responsible for approval of accounting standards and their modification for the purpose of applicability to companies?

  1. NFRA
  2. MCA
  3. Central Government Advisory Committee.

Answer: 2

Q4.  Additional guidance given in Ind AS over and above what is given in IFRS are called

  1. Carve-outs. 
  2. Carve-ins
  3. Carve clarifications.

Answer: 2

Q5.  IASB stands for

  1. International Accounting Standards Bureau
  2. International Advisory Standards Board
  3. International Accounting Standard Board. 

Answer: 3

Q6.  IFRS stands for

  1. International Financial Reporting System
  2. International Finance Reporting Standard
  3. International Financial Reporting Standard.  

Answer: 3

Q7.  Phase I of Ind AS was applicable to:

  1. All listed companies in India or outside India
  2. Companies with turnover INR 500 crores or more
  3. Companies with net worth INR 500 crores or more.

Answer: 3

 

CA Intermediate ACCOUNTING - MCQ for Chapter 2 -   

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