MCQ on Adoption Convergence & Interpretation of IFRS and AS in India: Check the below Corporate and Management Accounting MCQ on Adoption Convergence & Interpretation of IFRS and AS in India with Answers Pdf free download. Corporate and Management Accounting MCQ on Adoption Convergence & Interpretation of IFRS and AS in India Questions for Corporate and Management Accounting with Answers were prepared based on the latest exam pattern. We have provided Corporate and Management Accounting MCQ on Adoption Convergence & Interpretation of IFRS and AS in India with Answers to help students understand the concept very well. Students should practice CS Executive MCQ on Adoption Convergence & Interpretation of IFRS and AS in India Questions with Answers based on the latest syllabus.

MCQ on Adoption Convergence

1. Ind AS-1 requires that classification of expenses be presented on the basis of –
(A) Nature of enterprises
(B) Ability of accountant
(C) Nature of expenses
(D) Reference to last year expenses

2. IAS-1 allows the classification of expenses based on within the equity.
(A) their nature
(B) their function
(C) either their nature or their function
(D) none of the above

3. Ind AS-7 deals with:
(A) Inventories
(B) Statement of Cash Flows
(C) Accounting Policies, Changes in Accounting Estimates and Errors
(D) Events after the Reporting Period

4. Ind AS-2 provides for reversed of the write-down of inventories to:
(A) Cost
(B) Replacement cost
(C) Net realizable value
(D) Net realizable value limited to the amount of original write-down

5. The main objective of the Ind AS- 10 is:
(A) When an entity should adjust its financial statements for events after reporting period
(B) To prescribe the accounting treatment for income taxes
(C) To prescribe the criteria for selecting and changing accounting policies
(D) To prescribe, for lessee and lessor, the appropriate accounting policies

6. Under Ind AS-1, presentation of any items of income or expense as extraordinary is
(A) Separately disclosed
(B) Shown as a part of the statement of profit and loss
(C) Prohibited
(D) None of the above

7. Ind AS-1 requires disclosure of critical assumptions about the future and other sources of measurement uncertainty
(A) That can affect earning capacity of the business
(B) That can affect carrying amounts of assets and liabilities within the next financial year
(C) That can affect carrying amounts of intangibles in a current financial year
(D) All of the above

8. Ind AS-11 requires contract revenue to be measured at –
(A) Net realizable value
(B) Fair value of consideration received/ receivable
(C) Consideration received/receivable
(D) None of the above

9. Ind AS-34 requires the following in the contents of an interim financial report in addition to what was required under previous standard AS-25 condensed balance sheet, a condensed statement of profit and loss, a condensed cash flow statement –
(A) A condensed balance sheet
(B) A condensed statement of profit and loss
(C) A condensed cash flow statement
(D) A condensed statement of changes in equity

10. Ind AS-20 requires government grants of the nature of promoters contribution to be –
(A) Credited directly to capital reserve and treated as a part of shareholders funds
(B) Recognize as income over the periods
(C) Do not recognize any such grants
(D) None of the above

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By Team Learning Mantras