Top 50+ Solved Accounting Standard MCQ Questions Answer
Q. The accounting standards Board (India) was formed by the Institute ofChartered Accountants of India in April---------------
a. 1977
b. 1978
c. 2001
d. 2009
Q. Accounting Standards are beneficial not only to the business enterprises butalso to the………….. as well.
a. accountants & auditor
b. Customers
c. Family and Country
d. Traders
Q. The important objective of Accounting standards is to the …………..diverseaccounting policies and practices at present in use in India.
a. harmonies
b. incomplete
c. complex
d. compact
Q. AS-7 deals with accounting for construction contracts in financial statements of
a. contractors
b. Accountants
c. Agents
d. Dealers
Q. AS -26 deals with the treatment of costs of……………in financial statements.
a. Research & development
b. Construction contract
c. Assets
d. Risk & Rewards
Q. Investment made by government as equity in the ownership of an enterprise isknown as ------------
a. participation
b. interested
c. refundable
d. not interested
Q. Govt. grants become -----------because of non fulfillment of the conditionsattached to that grant.
a. Refundable
b. non refundable
c. overdraft
d. income
Q. AS 15 deals with the accounting for retirement benefits in the financialstatements of --------------
a. employers
b. employees
c. top manager
d. none of these
Q. Revised AS 15 – Employees benefits is applicable in respect of accountingperiods commencing on or after 1st April ----------
a. 2006
b. 1978
c. 2001
d. 2009
Q. …………….reporting helps uses of financial statements to better assess the riskand t returns of the enterprise.
a. segment
b. Account
c. statement
d. management
Q. As per AS-19 …………nlease risk and reward is not transferred to the lessee.
a. operating
b. non operating
c. manageable
d. refundable
Q. In financial lease as per As-19 leased assets is shown in the Balanced sheet of--
a. lessee
b. income
c. loss
d. refund