The 'Going Concern' evaluation period as per SA 570 is: MCQ with Answer and Explanation

Question
The 'Going Concern' evaluation period as per SA 570 is:
A. Not defined
B. Indefinite
C. At least 12 months from the balance sheet date
D. 6 months
Answer: Option C
Solution (By JKSSB Mock Tests)
Management assesses going concern for at least 12 months from the reporting date.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'External Commercial Borrowings' (ECB) policy is governed by:
A. DGFT
B. SEBI
C. Ministry of Finance
D. RBI
Discuss
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Correct Answer: Option D

Explanation:
ECB policy and regulations are formulated by RBI in consultation with Government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is a non-integrated accounting system?
A. Single entry system
B. Cost accounts integrated with financial accounts
C. Cost and financial accounts maintained separately
D. Computerized accounting
Discuss
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Correct Answer: Option C

Explanation:
Non-integrated system keeps cost and financial accounts independently, with reconciliation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Prior Period Items' are shown in:
A. Separately in the current period's financial statements
B. Reserves
C. Current period's profit and loss
D. Balance sheet
Discuss
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Correct Answer: Option A

Explanation:
Prior period items are disclosed separately in the statement of profit and loss.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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