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. US GAAP

D. UK 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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Practice More Accountancy and Book Keeping Questions

Question #1

Identify the non-cash item from the following:

A. Dividend paid

B. Wages paid

C. Depreciation

D. Purchase of machinery

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Correct Answer: Option C

Explanation:
Depreciation is the systematic allocation of asset cost; it does not involve any actual outflow of cash.

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

Question #2

The 'Cut-off' procedures in audit relate to:

A. Setting materiality

B. Selecting sample

C. Stopping audit

D. Ensuring transactions are recorded in the correct accounting period

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Correct Answer: Option D

Explanation:
Cut-off tests ensure revenues and expenses are recognised in the proper period.

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

Question #3

The 'Financial Instruments' standard is:

A. Ind AS 115

B. Ind AS 2

C. Ind AS 109

D. Ind AS 16

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Correct Answer: Option C

Explanation:
Ind AS 109 covers classification, measurement, and impairment of financial instruments.

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