Ind AS (Indian Accounting Standards) are converged with: MCQ with Answer and Explanation

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Ind AS (Indian Accounting Standards) are converged with:

A. Chinese Accounting Standards

B. IFRS (International Financial Reporting Standards)

C. UK GAAP

D. US GAAP

Answer: Option B

Solution (By JKSSB Mock Tests)

To align with global practices, India developed Ind AS which are substantially converged with IFRS.

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

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Question #1

The 'Indian Government Accounting Standards' (IGAS) are issued by:

A. Government Accounting Standards Advisory Board (GASAB)

B. RBI

C. CAG

D. ICAI

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Correct Answer: Option A

Explanation:
GASAB, under CAG, formulates IGAS for government accounting.

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Question #2

A capital expenditure of ₹5,000 erroneously recorded as revenue expenditure will result in:

A. Overstatement of profit

B. No effect on profit

C. Overstatement of assets

D. Understatement of profit

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Correct Answer: Option D

Explanation:
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.

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Question #3

According to the Companies Act, which financial statement details cash inflows and outflows?

A. Statement of Changes in Equity

B. Cash Flow Statement

C. Balance Sheet

D. Statement of Profit and Loss

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Correct Answer: Option B

Explanation:
The Cash Flow Statement provides historical information about changes in cash and cash equivalents, categorized into operating, investing, and financing activities.

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