The term 'IFRS' stands for: MCQ with Answer and Explanation

Question
The term 'IFRS' stands for:
A. Indian Financial Reporting Standards
B. International Fiscal Reporting Standards
C. International Financial Reporting Standards
D. Indian Fiscal Reporting System
Answer: Option C
Solution (By JKSSB Mock Tests)
IFRS stands for International Financial Reporting Standards, issued by IASB.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
When bad debts previously written off are recovered, which account is credited?
A. Bad Debts Recovered Account
B. Bad Debts Account
C. Debtor's Personal Account
D. Suspense Account
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Bad debts recovered represent a gain for the business and are credited to a separate nominal account called 'Bad Debts Recovered Account'.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A partner's current account will have a credit balance if:
A. His drawings exceed his share of profit
B. He has withdrawn all profits
C. Firm incurs loss
D. His share of profit and interest on capital exceed his drawings
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Current account credit balance indicates net amount owed by firm to partner, i.e., profits and interest etc. exceed drawings.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A sum of ₹10,000 received as rent is credited to:
A. Cash A/c
B. Rent Received A/c
C. Rent A/c
D. Capital A/c
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Rent received is income, so Rent Received A/c is credited (nominal account rule: credit incomes).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: