Top 550+ Solved Corporate Accounting MCQ Questions Answer
Q. What is the transition date of IFRS in India?
a. april 1, 2010
b. april 1, 2011
c. april 1, 2012
d. april 1, 2008
Q. As per IAS 1, Presentation of financial statement, ______ no of items would constitutecomplete set of financial statements.
a. atleast 5
b. atleast 6
c. 5
d. 6
Q. GAAP stands for
a. generally accepted accounting principles
b. globally accepted accounting practice
c. generally allowable accounting principles
d. generally allowable accounting practice
Q. Whether financial reviews by management, environment reports and value added financialstatements are outside the scope of international financial reporting standards (IFRSs)?
a. yes
b. no
c. not mentioned in ifrs
d. still in consideration
Q. What is the term used to describe the time between the acquisition of assets for processing andtheir realization in cash or cash equivalents?
a. processing cycle
b. turnover
c. operating cycle
d. turnaround
Q. Which sections of an annual report do IFRSs apply to?
a. management report
b. financial statements
c. auditors report
d. entire annual report
Q. How many formats are permitted for income and expense items under Ind AS 1?
a. one
b. two
c. three
d. four
Q. Where should extraordinary items appear in an entity’s Statement of Comprehensive Income?
a. other comprehensive income
b. income statement
c. notes
d. nowhere
Q. When is offsetting permitted under Ind AS 1?
a. always
b. never
c. when required or permitted under an ifrs
d. when approved by the board of directors
Q. Which of the following is not a component of a Statement of Financial Position?
a. non-current assets
b. retained earnings
c. cost of goods sold
d. deferred tax
Q. Which of the following is not a requirement in the financial statements under Ind AS 1?
a. name of the entity
b. chairman’s commentary on performance
c. the accounting period
d. presentation currency
Q. Under Ind AS 1 how often should financial statements be prepared?
a. at least annually
b. no more than annually
c. as often as the company requires
d. monthly
Q. Correcting the recognition measurement and disclosure of amounts in financial statements asif a prior period error had never occurred. This is:
a. retrospective restatement
b. retrospective application
c. changes in accounting estimate
d. delayed application