Ind AS in India are converged with: MCQ with Answer and Explanation

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Ind AS in India are converged with:

A. ASB standards only

B. IFRS

C. US GAAP

D. UK GAAP

Answer: Option B

Solution (By JKSSB Mock Tests)

Indian Accounting Standards (Ind AS) are converged with International Financial Reporting Standards (IFRS).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The use of 'Smart Contracts' in accounting is a direct result of development in:

A. Blockchain Technology

B. Cost Control

C. PFMS

D. Double Entry System

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Correct Answer: Option A

Explanation:
Smart contracts are self-executing contracts with terms written into lines of code, running on blockchain networks.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

The 'Component Auditor' in a group audit is:

A. The auditor who audits the parent

B. An auditor who performs audit work on a component for the group auditor

C. Internal auditor

D. Tax auditor

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Correct Answer: Option B

Explanation:
Group auditor may use the work of component auditors.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The 'Sales Book' total is posted to:

A. Debit side of Sales Account

B. Credit side of Sales Account

C. Debit side of Creditors Account

D. Credit side of Debtors Account

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Correct Answer: Option B

Explanation:
Sales book total is credited to Sales Account (revenue) and individual debtors are debited.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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