The 'International Accounting Standards Board' (IASB) issues: MCQ with Answer and Explanation

Question
The 'International Accounting Standards Board' (IASB) issues:
A. Ind AS
B. US GAAP
C. AS
D. IFRS
Answer: Option D
Solution (By JKSSB Mock Tests)
IASB is responsible for developing and issuing IFRS.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In Social Accounting, treating pollution emitted by a factory as a negative entry is an example of pricing an:
A. External Cost (Negative Externality)
B. Internal Cost
C. Opportunity Cost
D. Sunk Cost
Discuss
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Correct Answer: Option A

Explanation:
Pollution is an external cost because the burden is borne by society, not directly reflected in the company's internal financial books.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Integrated Accounting' system means:
A. Using manual and computer together
B. Maintaining a single set of books for both cost and financial accounting
C. Integrating tax and accounts
D. Keeping cost and financial accounts separately
Discuss
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Correct Answer: Option B

Explanation:
Integrated system avoids separate ledgers, using common accounts for both purposes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Final Dividend' is recommended by:
A. Shareholders
B. Board of Directors
C. Registrar
D. Auditors
Discuss
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Correct Answer: Option B

Explanation:
Board recommends final dividend, which is then approved by shareholders in AGM.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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