The 'Accounting Policy Changes' are applied: MCQ with Answer and Explanation

Question
The 'Accounting Policy Changes' are applied:
A. Prospectively
B. Only with government approval
C. Arbitrarily
D. Retrospectively, unless impracticable
Answer: Option D
Solution (By JKSSB Mock Tests)
Ind AS 8 requires retrospective application of changes in accounting policies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Goods withdrawn by the owner for personal use should be credited to:
A. Capital Account
B. Sales Account
C. Drawings Account
D. Purchases Account
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Correct Answer: Option D

Explanation:
When goods are withdrawn for personal use, the Purchases Account is credited to reduce the cost of goods available for sale, and Drawings is debited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Going Concern Concept' implies:
A. The business is bankrupt
B. The business will continue for the foreseeable future
C. The business will merge with another
D. The business will be closed within a year
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Correct Answer: Option B

Explanation:
It assumes the entity will continue operations and not liquidate.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is an accounting standard on 'Impairment of Assets'?
A. AS 14
B. AS 2
C. AS 10
D. AS 28
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Correct Answer: Option D

Explanation:
AS 28 deals with Impairment of Assets, ensuring assets are not carried at more than recoverable amount.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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