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Accounting Standard Quiz

The Institute of Chartered Accountants of India was established in the year

Which of the following Accounting Standards relates to accounting for fixed assets ?

The Generally Accepted Accounting Principles (GAAP) aim at

Uniformity in accounting practices

Uniform accounting practices in all enterprises

Acceptance of globalisation, liberalisation and privatisation in the field of accounting

All of the above

Personal Account relates to

All artificial and natural persons

Representative Personal Accounts

All of the above

Outstanding Wages is

Nominal Account

Personal Account

Current Account

Accounting is?

Accounting Standard Board issuing Accounting Standards in India belongs to

Ministry of Finance

Company Law Board

The Institute of Chartered Accountants of India

Which of the following statements is true ?

Accounting and Book-keeping are synonymous

Book-keeping and Account-ing are complementary to each other

Accounting starts from where Book-keeping ends

Revenue is realized

when sales order is received

when goods are sold

when cash is received

when goods are received by the purchaser

The cost of erection of an old machine will be posted in the credit side of

Machinery Account

Repairs and Renewal Account

None of the above

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This quiz is tagged as: accounting standard, accounting standard, accounting

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