The 'ICAI' issues: MCQ with Answer and Explanation

Question

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The 'ICAI' issues:

A. Accounting Standards (AS) and Ind AS for non-corporate entities

B. Laws

C. Tax rules

D. Company rules

Answer: Option A

Solution (By JKSSB Mock Tests)

ICAI formulates Accounting Standards (AS) and recommends Ind AS, but MCA notifies Ind AS.

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

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Question #1

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The 'Indian Accounting Standards' (Ind AS) are issued by:

A. MCA (Ministry of Corporate Affairs)

B. RBI

C. SEBI

D. ICAI

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Correct Answer: Option A

Explanation:
Ind AS are notified by the Ministry of Corporate Affairs under Companies Act.

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Question #2

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The 'Interim Financial Reporting' (Ind AS 34) suggests that the same accounting policies should be applied as in annual statements. This is an application of:

A. Consistency

B. Going concern

C. Accrual

D. Materiality

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Correct Answer: Option A

Explanation:
Applying same policies ensures consistency.

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Question #3

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The 'Fiscal Deficit' is:

A. Primary deficit plus interest payments

B. Total expenditure minus total revenue

C. Revenue deficit minus grants

D. Total expenditure minus total receipts (excluding borrowings)

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Correct Answer: Option D

Explanation:
Fiscal deficit = Total expenditure - (Revenue receipts + Non-debt capital receipts). It indicates borrowing requirement.

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

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