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
AS–10 (new) has come into effect from
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 -Given below are two statements. one is labelled as Assertion A and the other is labelled as Reason R
Assertion A: IFRS and GAAP are two accounting systems competing for international acceptance.
Reason R: Indian Accounting Standards (Ind AS) are in convergence with both. the IFRS and the GAAP.
In light of the above statements. choose the most appropriate answer from the options given below
Which of the following is not an accounting convention?
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:
