List - I List - II A. Ind AS 7 I. Impairment of Assets B. Ind AS 24 II. Related Party Disclosures C. Ind AS 36 III. Consolidated Financial Statement D. Ind AS 110 IV. Statement of Cash Flows
Matching Indian Accounting Standards (Ind AS)
The question requires matching specific Indian Accounting Standards (Ind AS) listed in List - I with their corresponding topics in List - II.
Standard-Topic Matching
We need to identify the correct topic for each Ind AS:
- Ind AS 7 deals with the requirements for presenting a statement of cash flows. Therefore, A matches with IV.
- Ind AS 24 provides guidance on accounting for and the reporting of transactions between related parties and outstanding amounts. Therefore, B matches with II.
- Ind AS 36 outlines the procedures an entity uses to ensure its assets are not carried in its financial statements at more than their recoverable amount. Therefore, C matches with I.
- Ind AS 110 prescribes a single model for entities to use when they are required to determine the accounting for those they control. Therefore, D matches with III.
Combining these matches, we get: A-IV, B-II, C-I, D-III.
This corresponds to the second option provided.
Important Questions from Indian Accounting Standards and IFRS
The accounting standard AS3 (Revised) has become mandatory w.e.f. accounting periods beginning from 01-04-2001 for which of the following enterprise?
Match List I with List II
Choose the correct answer from the options given below:List I
List II
A.
Ind - AS : 1
I.
Provisions, Contingent Liabilities and Contingent Assets
B.
Ind - AS : 29
II.
Consolidated Financial Statements
C.
Ind - AS : 37
III.
Presentation of Financial Statements
D.
Ind - AS : 110
IV.
Financial reporting in Hyperinflationary Economies
The sources of the Indian GAAP (IGAAP) include:
A. Indian Companies Act, 2013
B. Notifications issued by Ministry of Finance
C. Accounting standards
D. ICAI's pronouncements
Choose the correct answer from the options given below:
Which of the following events after the balance sheet date would normally qualify as adjusting events according to AS-4 (Events after balance sheet date)?
(A) The insolvency of a customer on the balance sheet date
(B) A decline in the market value of investments
(C) The declaration of an ordinary dividend
(D) The determination of the cost of assets purchased before the balance sheet date
Choose the most appropriate answer from the options given below:
Match List I with List II:
List- I
Accounting Standard
List – II
Description
A.
Ind - AS : 1 (I)
Investments in Associates and Jot ventures B.
Ind - AS : 8 (II)
Presentation of Financial Statements C.
Ind - AS : 28 (III)
Interim Financial Reporting D.
Ind - AS : 34 (IV)
Accounting policies. changes in Accounting Estimates and Errors
Choose the correct answer from the options given below -
