MCQ of Accounting Standard Class 11 with answers
MCQ of Accounting Standard Class 11 with answers of CBSE, ISC and State Boards
Nature of Accounting standard is
(a) they direct as to how the transactions should be recorded
(b) they make the financial statements comparable
(c) they provide information as to the basis on which financial statements have been prepared
(d) All of the above
Ans:- (d)
IASB upon coming into existence has adopted
(a) All IAS and SIC
(b) Some IAS and SIC
(c) none of the IAS and SIC
(d) None of these
Ans:- (a)
The number of accounting standards specified by the Institure of Chartered Accountants of India for far is:
(a) 29
(b) 30
(c) 31
(d) 32
Ans:- (d)
The statement that provide the applicability of laws, customs, usages and the business environment of any country is known as:
(a) Financial Statement
(b) Accounting Information
(c) Accounting Standards
(d) Accounting Convention
Ans:- (c)
Accounting Standards are needed:
(a) To bring uniformity in the financial statements of different enterprises
(b) To limit the area within which accountant has to function
(c) To bring clarity in accounting terminology
(d) All of the above
Ans:- (d)
Ind-AS are
(a) rule based accounting standards
(b) principle based accounting standards
(c) partially rule based and partially principle based accounting standards
(d) None of the above
Ans:- (b)
Accounting standards are formulated by
(a) By Planning Commission
(b) By Institute of Chartered Accountants of India
(c) By Companies Act
(d) By Institute of Company secretaries of India
Ans:- (b)
Accounting Standards are useful:
(a) For Investors
(b) For outside Parties
(c) For Auditors
(d) For all of the above
Ans:- (d)
Assets (except Securities) may be valued under Ind-AS on
(a) historical cost
(b) fair value
(c) both historical cost and fair value
(d) None of these
Ans:- (a)
Accounting Standards should be:
(a) Simple
(b) Understandable
(c) Simple and Understandable
(d) According to the nature of each enterprise
Ans:- (c)
Adopting of Accounting Standards is mandatory for:
(a) Sole Traders
(b) Partnership Firms
(c) Companies
(d) All of the above
Ans:- (c)
