( Best 50+ ) Accounting Standards MCQ

by Mr. DJ

Accounting Standards MCQ

Table of Contents

Accounting Standards MCQ

Accounting Standards MCQ

21. Financial accounting is concerned with –

A. Recording of business expenses and revenue

B. Recording of costs of products and services

C. Recording of day to day business transactions

D. None of the above

22. Accounting principles are generally based upon:

A. Practicability

B. Subjectivity

C. Convenience in recording

D. None of the above

23. The system of recording based on dual aspect concept is called:

A. Double account system

B. Double entry system

C. Single entry system

D. All the above

24. Fixed assets and current assets are categorized as per concept of:

A. Separate entity

B. Going concern

C. Consistency

D. Time period

25. Accounting standards and Standards on Auditing establish standards which have to be complied with to ensure that financial statements are prepared in accordance with ______.

A. Generally acceptable Audit Procedure

B. Accounting Principles

C. Ind AS

D. Accounting Standards

26. Change in accounting estimate is __________

A. Prior Period Item

B. Change in accounting policy

C. Extra-ordinary item

D. Ordinary item

27. Indian accounting standards are the International financial reporting standards converged standards issued by the central government of India under the supervision and control of accounting standards board of ICAI and in consultation with __________.

A. Ministry of corporate affairs


C. Accounting Standards Board

D. All of the above

28. Preparation of consolidated Balance Sheet of Holding Co. and its subsidiary
company as per

A. As 11

B. AS – 22

C. AS 21

D. AS – 23

29. The share of outsiders in the Net Assets in subsidiary company is known as under :

A. Assets

B. subsidiary company’s liability

C. Minority Interest

D. outsiders liability

30. Pre-acquisition profit in subsidiary company is considered as:

A. Revenue profit

B. Capital profit

C. Goodwill

D. Non of the above

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