LIST-I LIST-II A. Ind AS 2 I. Property, Plant and Equipment B. Ind AS 16 II. Fair Value Measurement C. Ind AS 103 III. Inventories D. Ind AS 113 IV. Business Combinations
Choose the correct answer from the options given below:
Understanding the Matching of Indian Accounting Standards (Ind AS)
The question requires matching the specific Indian Accounting Standards (Ind AS) listed in LIST-I with their corresponding subject matter described in LIST-II.
Matching LIST-I with LIST-II
Let's break down each standard and its scope:
- Ind AS 2: This standard specifically deals with Inventories. It provides guidance on the accounting treatment for inventories, including their measurement, valuation, and recognition of cost.
- Ind AS 16: This standard covers Property, Plant and Equipment. It outlines the accounting policies for recognizing, measuring, presenting, and disclosing property, plant, and equipment.
- Ind AS 103: This standard addresses Business Combinations. It prescribes the accounting method for business combinations, where an acquirer obtains control of one or more other businesses.
- Ind AS 113: This standard focuses on Fair Value Measurement. It provides a single framework for measuring fair value and related disclosure requirements, applicable across various other Ind AS.
Final Matched Pairs
Based on the scope of each standard, the correct matches are:
- A. Ind AS 2 corresponds to III. Inventories.
- B. Ind AS 16 corresponds to I. Property, Plant and Equipment.
- C. Ind AS 103 corresponds to IV. Business Combinations.
- D. Ind AS 113 corresponds to II. Fair Value Measurement.
Resulting Combination
Therefore, the correct option representing the matches A-III, B-I, C-IV, D-II is to be chosen.
| LIST-I (Ind AS) | LIST-II (Description) | Match |
|---|---|---|
| A. Ind AS 2 | I. Property, Plant and Equipment | A-III |
| B. Ind AS 16 | II. Fair Value Measurement | B-I |
| C. Ind AS 103 | III. Inventories | C-IV |
| D. Ind AS 113 | IV. Business Combinations | D-II |
The correct matching is A-III, B-I, C-IV, D-II.
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:
