Match the items of List - I with those of List - II and indicate the correct code :List - I (Accounting Standard) List - II (Relationship) (a) AS - 6 (iii) Depreciation Accounting (b) AS - 3 (iv) Accounting for Cash Flow Statement (c) AS - 10 (ii) Accounting for Fixed Assets (d) AS - 21 (i) Accounting for Consolidated Financial Statements
Matching Accounting Standards with their Concepts
This question requires matching the Accounting Standards (AS) listed in List - I with their corresponding accounting concepts or relationships mentioned in List - II.
Accounting Standards Matching
The correct pairings are determined as follows:
- AS - 6 deals with Depreciation Accounting.
- AS - 3 deals with Accounting for Cash Flow Statement.
- AS - 10 deals with Accounting for Fixed Assets.
- AS - 21 deals with Accounting for Consolidated Financial Statements.
| List - I (Accounting Standard) | List - II (Relationship) |
|---|---|
| (a) AS - 6 | (iii) Depreciation Accounting |
| (b) AS - 3 | (iv) Accounting for Cash Flow Statement |
| (c) AS - 10 | (ii) Accounting for Fixed Assets |
| (d) AS - 21 | (i) Accounting for Consolidated Financial Statements |
Based on these matches, the correct code is (a)-(iii), (b)-(iv), (c)-(ii), (d)-(i).
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 -
