Accounting Standards

Commerce ⇒ Accountancy

Accounting Standards starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Accounting Standards. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 11

Describe the process of formulation of accounting standards in India.

Explain the difference between accounting concepts and accounting standards.

Explain the need for accounting standards in India.

Explain the role of the Accounting Standards Board (ASB) in India.

Explain the term 'comparability' in the context of accounting standards.

Explain the term 'disclosure' as used in accounting standards.

Explain the term 'harmonization' in the context of accounting standards.

A company values its inventory at cost or net realizable value, whichever is lower, as per AS 2. Is this in compliance with accounting standards? (Yes/No)

Accounting standards are issued in India by which authority? (1) Reserve Bank of India (2) Institute of Chartered Accountants of India (3) Ministry of Finance (4) Securities and Exchange Board of India

Which accounting standard deals with 'Cash Flow Statements'? (1) AS 1 (2) AS 2 (3) AS 3 (4) AS 4

Which accounting standard deals with 'Construction Contracts'? (1) AS 6 (2) AS 7 (3) AS 8 (4) AS 9

Which accounting standard deals with 'Depreciation Accounting'? (1) AS 4 (2) AS 5 (3) AS 6 (4) AS 7

Fill in the blank: Accounting standards are _______ by the Council of ICAI.

Fill in the blank: Accounting standards are _______ to ensure uniformity in financial reporting.

Fill in the blank: Accounting standards are a set of _______ rules and guidelines for the preparation of financial statements.

Fill in the blank: Accounting standards help in _______ the financial statements of different enterprises.

A company values its inventory at cost or net realizable value, whichever is lower, as per AS 2. Is this in compliance with accounting standards? (Yes/No)

State whether the following statement is True or False: Accounting standards are applicable to both public and private sector enterprises.

State whether the following statement is True or False: Accounting standards are dynamic and may be revised from time to time.

State whether the following statement is True or False: Accounting standards are the same in every country.