hitechpathshala

Q. 1

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

(a) Central Govt.

(b) State Govt.

(c) Institute of Chartered Accountants of India.

(d) MCA

Q. 2

Accounting Standards

(a) Harmonise accounting policies and eliminate the non-comparability of financial statements.

(b) Improve the reliability of financial statements.

(c) Both (a) and (b).

(d) manipulate the data for the management.

Q. 3

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

(a) Transparency.

(b) Consistency.

(c) Comparability .

(d) All the above.

Q. 4

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

(a) NFRA.

(b) MCA.

(c) Central Government Advisory Committee.

(d) IASB

Q. 5

Global Standards facilitate

(a) Cross border flow of money.

(b) Comparability of financial statements.

(c) Uniformity and Transparency of financial statements.

(d) All the three..

DEMO