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THEORY BASE OF ACCOUNTING, ACCOUNTING STANDARDS AND IND-AS Quiz-1
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THEORY BASE OF ACCOUNTING, ACCOUNTING STANDARDS AND IND-AS Quiz-1
THEORY BASE OF ACCOUNTING, ACCOUNTING STANDARDS AND IND-AS Quiz-1
Quiz
There should be uniform accounting policies and methods from one period to another, according to :
Accrual concept
Matching concept
conservatism concept
None of these
Which of the following is the basic accounting concept that states that revenue should be recognized when it is earned, and expenses should be recognized when they are incurred?
Matching Concept
Conservatism Concept
Going Concern Concept
Materiality Concept
Which of the following is the basic accounting concept that states that all relevant information should be disclosed in the financial statements?
Full Disclosure Concept
Conservatism Concept
Going Concern Concept
Materiality Concept
Non- monetory information is not recroded in books of accounts due to:
Annual concept
Money measurement concpt
Business entity concept
None of these
Which of the following is NOT a basic accounting concept of GAAP?
Business Entity Concept
Going Concern Concept
Dual Aspect Concept
Materiality Concept
A company received an order from a customer in June for services to be provided. Those services were provided in July, and the customer paid the full amount in August. According to the revenue recognition principle, in which month should the company record revenue?
June
July
August
Evenly over the three months.
Which of the following is the objective of Ind AS?
To provide a framework for the preparation and presentation of financial statements that are relevant, reliable, comparable, and understandable.
To provide a framework for the preparation and presentation of financial statements that are relevant, reliable, and understandable.
To provide a framework for the preparation and presentation of financial statements that are relevant, reliable, comparable, and consistent.
To provide a framework for the preparation and presentation of financial statements that are relevant, reliable, and consistent.
Business and businessman are two separate entities according to :
Business concept
materiality concept
prudence concept
None of these
Assets= capital+ liabilities, According to :
Dual concept
Realisation concept
objective evidence concept
Going concern concept
Under which accounting principle quality of manpower is not recorded in the books of accounts?
money measurement concept
Accounting period
Accounting entity
going concern
Which of the following is the basic accounting concept that states that accountants should not overstate assets or revenues, and should not understate liabilities or expenses?
Conservatism Concept
Materiality Concept
Going Concern Concept
Consistency Concept
The cost principle requires that assets be initially recorded at:
Fair value
Market value
Replacement cost
Historical cost
Which of the following is the basic accounting concept that states that only information that is important to users of financial statements should be disclosed?
Materiality Concept
Full Disclosure Concept
Going Concern Concept
Conservatism Concept
The concept that requires revenues to be recognized when they are earned, regardless of when cash is received, is known as:
Matching Concept
Conservatism Concept
Going Concern Concept
Revenue Recognition Concept
Which of the following is NOT a qualitative characteristic of financial information under Ind AS?
Relevance
Reliability
Timeliness
Completeness
"All contingent liabilities should be shown as Footnote in the balance sheet' according to
prudence concept
Cost concept
full disclosure concept
Materiallity concept
Which of the following is the basic accounting concept that states that information that is not important to users of financial statements should not be disclosed?
Materiality Concept
Full Disclosure Concept
Going Concern Concept
Consistency Concept
A concept that a business enterprise will not be sold or liquidated in the near future is known as ________.
Going concern
Economic entity
Monetary unit
None of the above
During the lifetime of an entity accounting produce financial statements in accordance with which basic accounting concept:
Conservation
Matching
Accounting period
None of the above
Which accounting principle requires that life of a business be broken into smaller parts?
Accounting entity
prudence concept
Going concern
Accounting period
''Businessman is the creditor of the business to extent of his capital' According to :
Dual aspect conceplt
Business entity concept
consistency concept
matching concept
Which of the following is the basic accounting concept that states that expenses are recognized in the same period as the revenues they generate?
Matching Concept
Conservatism Concept
Going Concern Concept
Materiality Concept
Which of the following is the basic accounting concept that states that a business will continue to operate for the foreseeable future?
Business Entity Concept
Going Concern Concept
Dual Aspect Concept
Conservatism Concep
In India, the accounting standard board was set up in the year ______.
1972
1977
1956
1932
Which concept emphasizes that financial information should be relevant, reliable, and comparable for users to make informed decisions?
Matching Concept
Consistency Concept
Entity Concept
Materiality Concept
What is the financial accounting period for claculation of Tax?
1st January to 31st December
1st july to 31st june
1st April to 31st march
None of these
According to the full disclosure principle, financial statements should include:
All material information that could affect users' decisions
Only the information required by regulatory authorities
Only summarized financial data
Information related to revenues but not expenses
The revenue recognition principle states that
Revenue should be recognized in the period the cash is received
Revenue should be recognized in the period goods and services are provided
Revenue should be recognized in the balance sheet
Revenue is a component of common stock
Which of the following is the main objective of ICAI?
To regulate the profession of chartered accountancy in India
To promote the study and practice of accountancy
To maintain high standards of professional conduct among its members
All of the above
Which of the following is the highest qualification awarded by ICAI?
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