Top 80+ Solved Financial Reporting MCQ Questions Answer
Q. What do you mean by ASB?
a. Accounting Security Board
b. Accounting Standard Board
c. Accounting Standardization Board
d. None of these
Q. ………………..is the process of determining the monetary amounts at which the elementsof financial statements are recognized and carried in the financial statements.
a. Recognition
b. Addition
c. Measurement
d. Carrying
Q. …………….is the residual interest in the asset of an entity after deducting all liabilities
a. Capital
b. Net Asset
c. Depreciation
d. Equity
Q. ASB was set up in India on………………
a. 21 April 1977
b. 1 April 1977
c. 1 January 1976
d. 31 March 1978
Q. Indian Accounting Standard 3 (AS3) deals with….
a. Amalgamation
b. Lease
c. Cash flow Statement
d. Depreciation Accounting
Q. What is the expansion of IASC?
a. Indian Accounting Standard Committee
b. International Accounting Standard Committee
c. International Accounting Standard Control
d. None of these
Q. Accounting profession of India is governed by………………….
a. ICAI
b. Ministry of Corporate Affairs
c. Govt. Of India
d. ASB
Q. Property, Plant and Equipment are defined as,
a. Tangible assets held for sale in the ordinary course of business
b. Tangible assets held to earn rental or for capital appreciation or both
c. Tangible assets used in the process of production or supply of goods or services or for rental to others
d. None of the above
Q. An entity must measure its Property, Plant and Equipment after initial recognition at,
a. Cost
b. Cost less accumulated depreciation and impairment losses if any
c. Cost less accumulated depreciation and impairment losses if any including cost of day to day servicing
d. None of the above
Q. Which method depreciation is most appropriate for the entity to compute depreciation forthe significant parts of the aircraft?
a. Straight line method for all parts
b. Unit production method based on air miles flown for the jet engines and SLM method for all other parts.
c. Diminishing balance method for all parts
d. None of the above
Q. Which of the following asset is not coming under the scope of Ind AS 16?
a. Factory building
b. Sales Van
c. Right to extract fuel from Government owned field
d. All of the above
Q. An intangible asset (other than goodwill) is,
a. An identifiable asset without physical substance
b. A non-monetary asset without physical substance
c. An identifiable non-monetary asset without physical substance
d. All of the above