Adoption, Convergence & Interpretation of IFRS & Accounting Standards in India – Corporate and Management Accounting MCQBy CACSMockTest / November 25, 2022 1 Adoption, Convergence & Interpretation of IFRS & Accounting Standards in India – Corporate and Management Accounting MCQ 1 / 14 Ind AS-11 deals with: (A) Accounting for service concession arrangements and agreements for the construction of the real estate (B) Measurement of contract revenue at consideration received/ receivable. (C) Both (A) and (B) (D) None of the above 2 / 14 Ind AS-7: (A) Prohibits presentation of extraor¬dinary items (B) Uses the term ‘reporting currency (C) Do not provide the option to classify interest and dividend paid/inter-est and dividend received as part of operating cash flows (D) All of the above 3 / 14 Ind AS-2 (A) Defines the fair value (B) Provides an explanation in respect of the distinction between net realizable value and fair value (C) Provides explanation with regard to inventories of service providers (D) All of the above 4 / 14 Ind AS-2 provides for reversed of the write-down of inventories to: (A) Cost (B) Replacement cost (C) Net realizable value (D) Net realizable value limited to the amount of original write-down 5 / 14 IAS-1 allows the classification of expenses based on within the equity. (A) their nature (B) their function (C) either their nature or their function (D) none of the above 6 / 14 IAS-1 requires: (A) Separate statement of changes in equity (B) Changes in equity to be shown as a part of the balance sheet. (C) Separate statement of changes in minority (D) Changes in equity to be shown as a part of the income statement. 7 / 14 Ind AS-1 requires that classification of expenses be presented on the basis of – (A) Nature of enterprises (B) Ability of accountant (C) Nature of expenses (D) Reference to last year expenses 8 / 14 Ind AS-1 requires disclosure of critical assumptions about the future and other sources of measurement uncertainty (A) That can affect earning capacity of the business (B) That can affect carrying amounts of assets and liabilities within the next financial year. (C) That can affect carrying amounts of intangibles in a current financial year. (D) All of the above 9 / 14 The main objective of the Ind AS- 10 is: (A) When an entity should adjust its financial statements for events after reporting period (B) To prescribe the accounting treatment for income taxes (C) To prescribe the criteria for selecting and changing accounting policies (D) To prescribe, for lessee and lessor, the appropriate accounting policies 10 / 14 Ind AS-7 deals with: (A) Inventories (B) Statement of Cash Flows (C) Accounting Policies, Changes in Accounting Estimates and Errors (D) Events after the Reporting Period 11 / 14 Ind AS-34 requires the following in the contents of an interim financial report in addition to what was required under previous standard AS-25 condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement – (A) A condensed balance sheet (B) A condensed statement of profit and loss (C) A condensed cash flow statement (D) A condensed statement of changes in equity 12 / 14 Ind AS-20 requires government grants of the nature of promoters contribution to be – (A) Credited directly to capital reserve and treated as a part of shareholders funds (B) Recognize as income over the periods (C) Do not recognize any such grants (D) None of the above 13 / 14 Ind AS-11 requires contract revenue to be measured at – (A) Net realizable value (B) Fair value of consideration received/ receivable (C) Consideration received/receivable (D) None of the above 14 / 14 Under Ind AS-1, presentation of any items of income or expense as extraordinary is (A) Separately disclosed (B) Shown as a part of the statement of profit and loss (C) Prohibited (D) None of the above Your score is LinkedIn Facebook Twitter VKontakte
