AS 7 does not apply to Contractors

Related MCQs

• A-5 does not indicate the frequency of interim financial report.
• Accounting Standards are beneficial not only to the business enterprises but also to the………….. as well.
• As per AS-19 …………nlease risk and reward is not transferred to the lessee.
• As per AS architects services are not included in construction contract.
• As per AS 15 accumulated compensated absences can be carried forward if the current period entitlement is not used in full.
• As per AS -30 prepaid expenses are not financial instruments.
• Sub standard asset are certain loan asset of a bank which are classified as ………….assets for a period not exceeding two year.
• …………….asset is one which has been classified as non-performing asset for period not exceeding than………….years
• Sub-standard assets is one which has been classified as non performing asset for a period not exceeding three years.
• Every banking company incorporated in India must transfer to the Reserve fund a sum equivalent to not less than 25% of profit of each year before declaration of dividend.