Indian Accounting Standard Skills Test
Which
of the following is related to the Indian Accounting Standard 30?
a. Financial
Instruments Recognition and measurement
b. Interim
Financial Reporting
c. Financial
Instruments - Presentation
d. Segment
reporting
Indian
Accounting Standard 6 deals with:
a. Depriciation
Accounting.
b. Revenue
Recognition.
c. Employees
Benefit.
d. Intangible
Assets.
Which
of the following is true about the Interim period?
a. It
is a financial reporting period shorter than a full financial year.
b. It
is a financial reporting period greater than a full financial year.
c. It
is a financial reporting period two times a full financial year.
d. It
is a financial reporting period equal to a full financial year.
Revenue
recognition is dealt with in which of the following Indian Accounting
Standards?
a. IND
AS 9
b. IND
AS 10
c. IND
AS 11
d. IND
AS 17
Which
of the following is the objective of the Indian Accounting Standards(IND AS)
17?
a. To
prescribe, for lessees and lessors, the appropriate accounting policies and
disclosure to apply in relation to leases.
b. To
prescribe the accounting treatment of revenue and costs associated with
construction contracts.
c. To
prescribe the basis for presentation of general purpose financial statements.
d. To
require the provision of information about the historical changes in cash and
cash equivalents of an entity.
For
the purpose of applicability of accounting standards, the entities and
companies are classified into various categories by the ICAI. Based on this
categorization, co-operative banks belong to which of the following categories?
a. Small
and Medium Companies
b. Level
1 Entities
c. Level
2 Entities
d. Level
3 Entities
What
is the minimum reporting period considered for presenting the financial
statements by an entity?
a. 9
months
b. 12
months
c. 15
months
d. 18
months
According
to the Indian Accounting Standard on Revenue Recognition, which of the
following is recognized on time basis?
a. Interest
b. Royalties
c. Dividends
d. Rendering
of services
Which
of the following is an example of post-employment benefits?
a. wages
b. pensions
c. medical
care
d. bonuses
Complete
the following sentence:
If a
parent loses control of a subsidiary, it:
a. recognizes
the assets (including any goodwill) and liabilities of the subsidiary at their
carrying amounts at the date when control is lost.
b. recognizes
the carrying amount of any non-controlling interests in the former subsidiary
at the date when control is lost (including any components of other
comprehensive income attributable to them).
c. derecognizes
any investment retained in the former subsidiary at its fair value at the date
when control is lost.
d. recognizes
any resulting difference as a gain or loss in profit or loss, attributable to
the parent.
Which
Indian Accounting Standard prohibits retrospective application of some aspects
of other Ind-Ass?
a. IND
AS 101
b. IND
AS 103
c. IND
AS 106
d. IND
AS 108
Which
of the following is the objective of Indian Accounting Standards (IND AS) 103?
a. to
require entities to provide disclosures in their financial statements.
b. to
improve the relevance, reliability, and comparability of the information that a
reporting entity provides in its financial statements about a business
combination and its effects.
c. to
specify the financial reporting for insurance contracts by any entity that
issues such contracts (described in this Indian Accounting Standard as an insurer).
d. to
specify the financial reporting by an entity when it undertakes a share-based
payment transaction.
Which
of the following defines an equity instrument?
a. Any
contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
b. A
financial instrument that gives the holder the right to put the instrument back
to the issuer for cash or another financial asset or is automatically put back
to the issuer on the occurrence of an uncertain future event or the death or
retirement of the instrument holder.
c. Any
contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities.
d. The
amount for which an asset could be exchanged, or a liability settled, between
knowledgeable, willing parties in an arm's length transaction.
Statement
on "Borrowing costs" is covered in:
a. Indian
Accounting Standard 13
b. Indian
Accounting Standard 16
c. Indian
Accounting Standard 19
d. Indian
Accounting Standard 27
e. Indian
Accounting Standard 29
Indian
Accounting Standard 28 deals with:
a. Financial
reporting of assets in joint ventures
b. Accounting
for intangible assets
c. Government
grants
d. Earnings
per share
e. Impairment
of Assets
Which
of the following is an example of cash flow arising from Investing activities?
a. cash
payments to suppliers for goods and services.
b. cash
payments to and on behalf of employees.
c. cash
repayments of amounts borrowed.
d. cash
advances and loans made to other parties (other than advances and loans made by
a financial institution).
In
how many categories the Employees Benefits have been classified according to
the Indian Accounting Standard 15?
a. Two
b. Three
c. Four
d. Five
Which
of the following Indian Accounting Standards is applicable only to Level 1
entities?
a. IND
AS 19
b. IND
AS 15
c. IND AS
26
d. None
of the above
Which
of the following information in the financial statements is not prepared by an
entity using the Accrual basis of accounting?
a. Financial
Position
b. Financial
Performance
c. Cash
Flow
d. None
of the above
Which
Indian Accounting Standard's requirements about changes in accounting policies
do not apply in an entity's first Ind-AS financial statements?
a. IND
AS 11
b. IND
AS 7
c. IND
AS 19
d. IND
AS 8
Which
of the following is the requirement for applying the Acquisition method?
a. To
identify the acquirer.
b. To
determine the acquisition date.
c. To
recognize and measure the identifiable assets acquired, the liabilities assumed
and any non-controlling interest in the acquiree.
d. To
recognize and measure goodwill or a gain from a bargain purchase.
e. All
of the above.
What
is the process of applying a new accounting policy to transactions, other
events and conditions as if that policy had always been applied called?
a. Retrospective
application
b. Retrospective
restatement
c. Accounting
estimate
d. Prospective
application
Depreciation
of an asset does not depend on:
a. historical
cost.
b. life
of the asset.
c. estimated
residual value.
d. interim
period.
When
is the exchange of goods not regarded as the transaction which generates
revenue?
a. when
the goods are exchanged for similar type of goods.
b. when
the goods are exchanged with dissimilar type of goods.
c. both
a and b
d. none
of the above
Complete
the following sentence:
IND
AS 21 does not apply:
a. when
an entity translates amounts relating to derivatives from its functional
currency to its presentation.
b. to
the presentation of an entity's financial statements in a foreign currency and
sets out requirements for the resulting financial statements to be described as
complying with Indian Accounting Standards.
c. to
hedge accounting for foreign currency items, including the hedging of a net
investment in a foreign operation.
Is
Prudence a fundamental accounting assumption?
a. Yes
b. No
Which
of the following Indian Accounting Standards is applied in Accounting for
Government Grants?
a. IND
AS 10
b. IND
AS 32
c. IND
AS 29
d. IND
AS 12
Which
of the following standards has the objective to establish principles for recognizing and measuring financial
assets, financial liabilities, and some contracts to buy or sell non-financial
items?
a. IND
AS 24
b. IND
AS 17
c. IND
AS 39
d. IND
AS 7
Which
of the following standards is applied in identifying related party
relationships and transactions?
a. IND
AS 16
b. IND
AS 24
c. IND
AS 101
d. IND
AS 107
Indian
Accounting Standard 31 is applicable to all types of entities.
a. True
b. False