IFRS stands for: MCQ with Answer and Explanation

Question
IFRS stands for:
A. International Financial Reporting Standards
B. Indian Financial Reporting Standards
C. Integrated Financial Record System
D. Internal Fraud Recording System
Answer: Option A
Solution (By JKSSB Mock Tests)
IFRS are globally recognized accounting standards issued by the IASB to bring consistency and comparability to financial statements worldwide.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A bill of exchange is drawn on 1st January 2024 for 3 months. Its maturity date is:
A. 4th April 2024
B. 31st March 2024
C. 1st April 2024
D. 3rd April 2024
Discuss
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Correct Answer: Option A

Explanation:
Three months from 1st Jan is 1st April, plus three days of grace = 4th April 2024.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019' was for:
A. GST disputes
B. Resolution of pending indirect tax disputes under pre-GST regime
C. Direct tax disputes
D. Income tax disputes
Discuss
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Correct Answer: Option B

Explanation:
It was a dispute resolution-cum-amnesty scheme for legacy excise and service tax cases.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
S1: Ind AS 1 deals with Presentation of Financial Statements. S2: Ind AS 101 deals with First-time Adoption of Ind AS. Which statement(s) is/are correct?
A. Both S1 and S2
B. Neither S1 nor S2
C. S2 only
D. S1 only
Discuss
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Correct Answer: Option A

Explanation:
Ind AS 1 prescribes the basis for presentation of general purpose financial statements. Ind AS 101 provides the procedures for an entity adopting Ind AS for the first time. Both statements correctly identify the standards.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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