Theory Base of Accounting Test

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Theory Base of Accounting Test - 34

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Weekly Quiz Competition

Question 1
1 / -0

As per AS-2, inventories are valued at lower of cost or_______.

A
Realisable value

B
Replacement value

C
Net realisable value

D
Market value

Solution

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs.

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

As per AS-2, "Inventories should be valued at the lower of cost and net realisable value."
Question 2
1 / -0

AS 31 issued by ICAI deals with

A
Segment Reporting

B
Prior period adjustment

C
Financial instrument :Recognition and measurement

D
Financial instruments : Presentation

Solution

AS 31 issued by ICAI deals with Financial instruments : Presentation.
The full form ICAI is Institute of Chartered Accountants of India.
It is a statutory Body of law which is set up by an act of parliament.
ICAI is the second largest professional Accounting & Finance body in the world in terms of membership and number of students.
Question 3
1 / -0

Notes to financial statement about law suits, contractual commitment etc. are required to be shown in the financial statement by way of footnote or in notes to accounts under which of the following principles?

A
Disclosure Concept

B
Window Dressing

C
CA Institutes Requirement

D
Consistency Principles
Question 4
1 / -0

AS 30 deals with

A
Accounting Policy

B
Financial Investment presentation

C
Financial Investment Reinvestment Measurement

D
Financial Investment disclosure

Solution

AS 30 deals with Financial Investment Reinvestment Measurement.
Accounting standards are issued by the institute of chartered accountant of India. Accounting Standards are sets of rules, principles, policies which are followed in accounting.
Question 5
1 / -0

Which of these AS deals with inventory valuation?

A
AS-13

B
AS-12

C
AS-2

D
AS-5

Solution

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs.

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

As per AS-2, "Inventories should be valued at the lower of cost and net realisable value."
Question 6
1 / -0

Postponement of anticipated gains is an application of

A
Conservatism concept

B
Dual concept

C
Going concern

D
Disclosure
Question 7
1 / -0

Which of these agencies is responsible for framing Accounting Standards in India __________.

A
International Accounting Standard Board

B
Accounting Standard Board of ICAI

C
RBI

D
CAG

Solution

The Accounting Standard Board of ICAI is responsible for framing Accounting Standards in India.
The full Form of ICAI is Institute of Chartered Accountants of India.
Accounting Standards is a group of all the principles, policies, procedures to sets standards for accounting.
Question 8
1 / -0

As 30 issued by ICAI corresponds to __________.

A
IAS 31

B
IAS 32

C
IAS 37

D
IAS 39

Solution

As 30 issued by ICAI corresponds to IAS 31: Intangible assets.
Accounting Standards are issued by the Institute of Chartered Accountants of India to bring uniformity in accounting.
Question 9
1 / -0

As $$31-$$ corresponds to IAS _____

A
$$30$$

B
$$32$$

C
$$39$$

D
$$40$$

Solution

AS 31 which is on Financial instrument: Presentation corresponds to IAS 32: Financial instrument: Presentation.
Accounting Standards are issued by the Institute of Chartered Accountants of India to bring uniformity in accounting.
Question 10
1 / -0

Accounting Standard 1 required the significant Accounting policies to

A
Be suitably disclosed

B
Be circulated to all the shareholder separately

C
Be notified

D
Be charged from time to time

Solution

Accounting Standard 1 required the significant Accounting policies to be suitably disclosed.
Accounting Standards set up rules, standards, and procedures to prepare the financial statements in a standard manner.
Accounting Standards are issued by the Institute of Chartered Accountants of India. There are 32 standards issued by the Institute of Chartered Accountants of India till date.

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Theory Base of Accounting Test - 34

Result

Theory Base of Accounting Test - 34

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SHARING IS CARING

Question 1

Realisable value

Replacement value

Net realisable value

Market value

Solution

Question 2

Segment Reporting

Prior period adjustment

Financial instrument :Recognition and measurement

Financial instruments : Presentation

Solution

Question 3

Disclosure Concept

Window Dressing

CA Institutes Requirement

Consistency Principles

Question 4

Accounting Policy

Financial Investment presentation

Financial Investment Reinvestment Measurement

Financial Investment disclosure

Solution

Question 5

AS-13

AS-12

AS-2

AS-5

Solution

Question 6

Conservatism concept

Dual concept

Going concern

Disclosure

Question 7

International Accounting Standard Board

Accounting Standard Board of ICAI

RBI

CAG

Solution

Question 8

IAS 31

IAS 32

IAS 37

IAS 39

Solution

Question 9

$$30$$

$$32$$

$$39$$

$$40$$

Solution

Question 10

Be suitably disclosed

Be circulated to all the shareholder separately

Be notified

Be charged from time to time

Solution

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