McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 1. |
The accounting standards Board (India) was formed by the Institute of Chartered Accountants of India in April--------------- |
| A. | 1977 |
| B. | 1978 |
| C. | 2001 |
| D. | 2009 |
| Answer» A. 1977 | |
| 2. |
Accounting Standards in India are Issued by the ………….. |
| A. | ICAI |
| B. | BMCC |
| C. | IT |
| D. | IMA |
| Answer» A. ICAI | |
| 3. |
Accounting Standards are beneficial not only to the business enterprises but also to the………….. as well. |
| A. | accountants & auditor |
| B. | Customers |
| C. | Family and Country |
| D. | Traders |
| Answer» A. accountants & auditor | |
| 4. |
The important objective of Accounting standards is to the …………..diverse accounting policies and practices at present in use in India. |
| A. | harmonies |
| B. | incomplete |
| C. | complex |
| D. | compact |
| Answer» A. harmonies | |
| 5. |
AS-7 deals with accounting for construction contracts in financial statements of |
| A. | contractors |
| B. | Accountants |
| C. | Agents |
| D. | Dealers |
| Answer» A. contractors | |
| 6. |
AS -26 deals with the treatment of costs of……………in financial statements. |
| A. | Research & development |
| B. | Construction contract |
| C. | Assets |
| D. | Risk & Rewards |
| Answer» A. Research & development | |
| 7. |
Investment made by government as equity in the ownership of an enterprise is known as ------------ |
| A. | participation |
| B. | interested |
| C. | refundable |
| D. | not interested |
| Answer» A. participation | |
| 8. |
Govt. grants become -----------because of non fulfillment of the conditions attached to that grant. |
| A. | Refundable |
| B. | non refundable |
| C. | overdraft |
| D. | income |
| Answer» A. Refundable | |
| 9. |
AS 15 deals with the accounting for retirement benefits in the financial statements of -------------- |
| A. | employers |
| B. | employees |
| C. | top manager |
| D. | none of these |
| Answer» A. employers | |
| 10. |
Revised AS 15 – Employees benefits is applicable in respect of accounting periods commencing on or after 1st April ---------- |
| A. | 2006 |
| B. | 1978 |
| C. | 2001 |
| D. | 2009 |
| Answer» A. 2006 | |
| 11. |
AS …………….also focuses on profit sharing and bonus plan. |
| A. | AS- 15 |
| B. | AS-21 |
| C. | AS- 28 |
| D. | AS- 7 |
| Answer» A. AS- 15 | |
| 12. |
AS-17 segment reporting applies to those companies which have an annual turnover of Rs……….crores or more. |
| A. | 50 |
| B. | 80 |
| C. | 21 |
| D. | 20 |
| Answer» A. 50 | |
| 13. |
…………….reporting helps uses of financial statements to better assess the risk and t returns of the enterprise. |
| A. | segment |
| B. | Account |
| C. | statement |
| D. | management |
| Answer» A. segment | |
| 14. |
As per AS-19 …………nlease risk and reward is not transferred to the lessee. |
| A. | operating |
| B. | non operating |
| C. | manageable |
| D. | refundable |
| Answer» A. operating | |
| 15. |
In financial lease as per As-19 leased assets is shown in the Balanced sheet of-- |
| A. | lessee |
| B. | income |
| C. | loss |
| D. | refund |
| Answer» A. lessee | |
| 16. |
AS -20 deals with presentation and Computation of--------------- |
| A. | earnings per share |
| B. | profit sharing ratio |
| C. | rate of interest |
| D. | solvency |
| Answer» A. earnings per share | |
| 17. |
Earning per share is very important financial ratio is computed for assessing the state of --------------price of shares. |
| A. | Market |
| B. | area |
| C. | shops |
| D. | none of these |
| Answer» A. Market | |
| 18. |
Right issue generally made at a price lower that…………….value of shares. |
| A. | Fair |
| B. | fixed |
| C. | computing |
| D. | fluctuating |
| Answer» A. Fair | |
| 19. |
Impairment assets is nothing but………………….in the value of assets |
| A. | decrease |
| B. | increase |
| C. | fixed |
| D. | none of these |
| Answer» A. decrease | |
| 20. |
Recoverable amount of an asset isof selling price and value of an assets in use. |
| A. | higher |
| B. | lower |
| C. | a and d only |
| D. | fixed |
| Answer» A. higher | |
| 21. |
AS 7 does not apply to Contractors |
| A. | false |
| B. | true |
| C. | none of the above |
| D. | may be false |
| Answer» A. false | |
| 22. |
As per AS architects services are not included in construction contract. |
| A. | false |
| B. | true |
| C. | may be true |
| D. | both a and b |
| Answer» A. false | |
| 23. |
As per AS 7 Research and Development cost is to be excluded from contract cost . |
| A. | true |
| B. | false |
| C. | may be false |
| D. | neither a nor b |
| Answer» A. true | |
| 24. |
AS – 7 deals with accounting for Government grants. |
| A. | false |
| B. | true |
| C. | may be true |
| D. | neither true nor false |
| Answer» A. false | |
| 25. |
As per AS 15 accumulated compensated absences can be carried forward if the current period entitlement is not used in full. |
| A. | true |
| B. | false |
| C. | may be false |
| D. | may be true |
| Answer» A. true | |
| 26. |
A parent co. should account for the investment in subsidiaries in accordance with AS -13 |
| A. | true |
| B. | false |
| C. | May be true |
| D. | only b |
| Answer» A. true | |
| 27. |
A-5 does not indicate the frequency of interim financial report. |
| A. | true |
| B. | either true or false |
| C. | both a and b |
| D. | only false |
| Answer» A. true | |
| 28. |
A 25 focuses on change in accounting policies also. |
| A. | true |
| B. | only false |
| C. | may be true |
| D. | may be false |
| Answer» A. true | |
| 29. |
As per As- 28 impairment of asset means decrease in the value of asset. |
| A. | true |
| B. | false |
| C. | only true |
| D. | May be true |
| Answer» A. true | |
| 30. |
As per AS -30 prepaid expenses are not financial instruments. |
| A. | true |
| B. | false |
| C. | neither true nor false |
| D. | may be false. |
| Answer» A. true | |
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