hitechpathshala

Q. 1

Accounting Standards for non-corporate entities in India are issued by

Central Govt

State Govt.

Institute of Chartered Accountants of India.

MCA

Q. 2

Accounting Standards

Harmonies accounting policies and eliminate the non-comparability of financial statements.

Improve the reliability of financial statements

Both (a) and (b).

Manipulate the data for the management.

Q. 3

It is essential to standardize the accounting principles and policies in order to ensure

Transparency

Consistency.

Comparability

All the above

Q. 4

Which committee is responsible for approval of accounting standards and their modification for the purpose of applicability to companies?

NFRA.

MCA.

Central Government Advisory Committee.

IASB

Q. 5

Global Standards facilitate

Cross border flow of money.

Comparability of financial statements

Uniformity and Transparency of financial statements

All the three

Introduction to Accounting Standards

Marks: 5