MCQOPTIONS
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MCQOPTIONS
This section includes 435 Mcqs, each offering curated multiple-choice questions to sharpen your Computer Networks knowledge and support exam preparation. Choose a topic below to get started.
| 351. |
…………….is the residual interest in the asset of an entity after deducting all liabilities |
| A. | Capital |
| B. | Net Asset |
| C. | Depreciation |
| D. | Equity |
| Answer» E. | |
| 352. |
Impairment loss is recognised when, |
| A. | Carrying amount of an asset is less than its recoverable amount |
| B. | Carrying amount of an asset is less than its original acquisition cost |
| C. | Carrying amount of an asset exceeds its recoverable amount |
| D. | Fair value of an asset is less than the undiscounted expected future cash inflows |
| Answer» D. Fair value of an asset is less than the undiscounted expected future cash inflows | |
| 353. |
In a land lease, if title does not pass at the end of a lease to the lessee, it is normallytreated as ‘Finance lease’. |
| A. | Statement is true |
| B. | Statement is false |
| C. | Statement is not relevant |
| D. | none |
| Answer» C. Statement is not relevant | |
| 354. |
Which of the following securities do not influence diluted EPS? |
| A. | Equity shares not entitled to dividend, but which may in the future |
| B. | Ordinary preference share |
| C. | Convertible loan stock |
| D. | Share option |
| Answer» C. Convertible loan stock | |
| 355. |
A biological asset used in agricultural activity whose fair value is readily determinablewithout undue cost or effort is accounted for using: |
| A. | The fair value model. |
| B. | The cost model or the fair value model (an accounting policy choice). |
| C. | The cost model. |
| D. | Any of the above |
| Answer» B. The cost model or the fair value model (an accounting policy choice). | |
| 356. |
…………. are the amount of income tax payable in future period for taxable temporarydifferences. |
| A. | Deferred tax asset |
| B. | Deferred tax liability |
| C. | Current tax |
| D. | Tax base |
| Answer» C. Current tax | |
| 357. |
Cost of inventory is a sum of |
| A. | Cost of purchase and cost of conversion |
| B. | Direct cost, indirect cost and other cost |
| C. | Cost of purchase, cost of conversion and other cost to bring the material to the present location |
| D. | None of these |
| Answer» D. None of these | |
| 358. |
IAS 24 and Ind AS 24 are deal with…… |
| A. | Reporting |
| B. | Joint control |
| C. | Subsidiary |
| D. | Related party |
| Answer» B. Joint control | |
| 359. |
……………….is the price at which goods or services would be sold separately to acustomer |
| A. | Stand - alone price |
| B. | Contract price |
| C. | Individual price |
| D. | Sales price |
| Answer» B. Contract price | |
| 360. |
Events after the end of the reporting period are defined as: |
| A. | Events, favourable and unfavourable, that, occur between the end of the reporting period and the date of the entity’s next annual financial statements. |
| B. | Events, favourable and unfavourable, that, occur between the end of the reporting period and the date of the entity’s next interim (or annual) financial statements. |
| C. | Events, favourable and unfavourable, that, occur between the end of the reporting period and the date when the financial statements are authorised for issue. |
| D. | None of the above |
| Answer» D. None of the above | |
| 361. |
Ind AS 33 deals with |
| A. | Related party disclosure |
| B. | PER |
| C. | Accounting for basic and diluted EPS |
| D. | None of the above |
| Answer» D. None of the above | |
| 362. |
Which method depreciation is most appropriate for the entity to compute depreciation forthe significant parts of the aircraft? |
| A. | Straight line method for all parts |
| B. | Unit production method based on air miles flown for the jet engines and SLM method for all other parts. |
| C. | Diminishing balance method for all parts |
| D. | None of the above |
| Answer» C. Diminishing balance method for all parts | |
| 363. |
FASB is based in……………. |
| A. | London |
| B. | Chennai |
| C. | New York |
| D. | Norwalk |
| Answer» E. | |
| 364. |
Adjusting events are those that: |
| A. | Provide evidence of conditions that existed at the end of the reporting period. |
| B. | Are indicative of conditions that arose after the end of the reporting period. |
| C. | Are favourable or unfavourable, and indicative of conditions that arose after the end of the reporting peri |
| Answer» B. Are indicative of conditions that arose after the end of the reporting period. | |
| 365. |
As per Ind AS 23, assets that require substantial time to bring to their intended use or tosalable condition are known as |
| A. | Tangible asset |
| B. | Intangible asset |
| C. | Qualifying asset |
| D. | None of the above |
| Answer» D. None of the above | |
| 366. |
Which of the following is not a requirement for current liabilities? |
| A. | Expected to be settled in entity’s operating cycle |
| B. | Held primarily for trading |
| C. | Expected to be settled within 12 months from the reporting period |
| D. | Entity holds an unconditional right to defer settlement for over 12 months after |
| Answer» E. | |
| 367. |
IAS 8 deals with….. |
| A. | Selection and application of accounting policies |
| B. | Changes in accounting estimates |
| C. | Correction of prior period errors |
| D. | All the above |
| Answer» E. | |
| 368. |
Cash equivalents do not include |
| A. | Demand deposit |
| B. | Goodwill |
| C. | Money at call |
| D. | Bank overdraft |
| Answer» C. Money at call | |
| 369. |
Income tax consists of |
| A. | Domestic taxes that are based on taxable profit |
| B. | Foreign taxes that are based on taxable profit |
| C. | Tax that are payable by a subsidiary on distribution to the reporting entity |
| D. | All of the above |
| Answer» E. | |
| 370. |
Land related to agricultural activities is coming under the scope of Ind AS…. |
| A. | 16 |
| B. | 36 |
| C. | 115 |
| D. | 2 |
| Answer» B. 36 | |
| 371. |
An entity shall cease capitalizing borrowing cost when |
| A. | Expenditure on the asset is being incurred |
| B. | Borrowing cost are being incurred |
| C. | The asset is materially ready for its intended use |
| D. | All of the above |
| Answer» D. All of the above | |
| 372. |
Consideration which varies upon certain future events which may or may not occur iscalled…. |
| A. | Variable consideration |
| B. | Future consideration |
| C. | Agreed price |
| D. | None of these |
| Answer» B. Future consideration | |
| 373. |
Indian Accounting Standard 3 (AS3) deals with…. |
| A. | Amalgamation |
| B. | Lease |
| C. | Cash flow Statement |
| D. | Depreciation Accounting |
| Answer» D. Depreciation Accounting | |
| 374. |
Cash payments to acquire the entity’s own shares (ie, treasury shares) are: |
| A. | Cash outflows from operating activities |
| B. | Cash outflows from investing activities |
| C. | Cash outflows from financing activities |
| D. | None of the above |
| Answer» C. Cash outflows from financing activities | |
| 375. |
Borrowing cost do not include, |
| A. | Interest on debentures |
| B. | Incremental administrative fees for raising loans |
| C. | Dividend declared to equity shareholders |
| D. | All of the above |
| Answer» D. All of the above | |
| 376. |
Activities that result in changes in the size and composition of equity capital andborrowing of an entity are called |
| A. | Operating activity |
| B. | Investment activity |
| C. | Income producing activity |
| D. | Financing activity |
| Answer» E. | |
| 377. |
Inventories must be measured at |
| A. | Cost |
| B. | Lower of cost and estimated selling price less cost to complete and sell |
| C. | Lower of cost and fair value less cost to complete and sell |
| D. | None of these |
| Answer» C. Lower of cost and fair value less cost to complete and sell | |
| 378. |
A statement showing information on increase or decrease in net asset or wealth of anentity is called… |
| A. | Statement of financial position |
| B. | Statement of comprehensive income |
| C. | Cash flow statement |
| D. | Statement of Changes in equity |
| Answer» E. | |
| 379. |
As per IFRS15, an agreement between two or more parties that creates enforceable rightand obligation is called…. |
| A. | Agreement |
| B. | Contract |
| C. | Performance obligation |
| D. | Liability |
| Answer» C. Performance obligation | |
| 380. |
An entity assesses inventories for impairment, |
| A. | Only when there are external indicators that, an impairment has occurred |
| B. | At each reporting date |
| C. | Only when there are internal indicators that an impairment has occurred |
| D. | None of these |
| Answer» C. Only when there are internal indicators that an impairment has occurred | |
| 381. |
Which of the following asset is not coming under the scope of Ind AS 16? |
| A. | Factory building |
| B. | Sales Van |
| C. | Right to extract fuel from Government owned field |
| D. | All of the above |
| Answer» D. All of the above | |
| 382. |
Applying a new policy to transaction as if that policy had always been applied. This iscalled, |
| A. | Retrospective restatement |
| B. | Retrospective application |
| C. | Change in accounting estimates |
| D. | None of the above |
| Answer» C. Change in accounting estimates | |
| 383. |
What do you mean by ASB? |
| A. | Accounting Security Board |
| B. | Accounting Standard Board |
| C. | Accounting Standardization Board |
| D. | None of these |
| Answer» C. Accounting Standardization Board | |
| 384. |
Under Ind AS 1, which of the following must be disclosed on the statement of financialposition? |
| A. | Property, Plant and Equipment |
| B. | Biological assets |
| C. | Provisions |
| D. | All of the above |
| Answer» E. | |
| 385. |
Consumable stores are |
| A. | Inventories |
| B. | Property, Plant and Equipment |
| C. | Investment Property |
| D. | Intangible Asset |
| Answer» B. Property, Plant and Equipment | |
| 386. |
Accounting profession of India is governed by…………………. |
| A. | ICAI |
| B. | Ministry of Corporate Affairs |
| C. | Govt. Of India |
| D. | ASB |
| Answer» B. Ministry of Corporate Affairs | |
| 387. |
……………..are employee benefits that are payable after the completion of employment |
| A. | Retirement benefits |
| B. | Post employee benefits |
| C. | Share based payments |
| D. | None of the above |
| Answer» C. Share based payments | |
| 388. |
Indian accounting standards converged with IFRS is known as………. |
| A. | IASs |
| B. | ASs |
| C. | IFRSIC |
| D. | Ind Ass |
| Answer» E. | |
| 389. |
A……………………..is the liability of uncertain timing and uncertain amount. |
| A. | Provision |
| B. | Reserve |
| C. | Current liability |
| D. | None of the above |
| Answer» B. Reserve | |
| 390. |
How many members are there in IASB? |
| A. | 10 |
| B. | 12 |
| C. | 20 |
| D. | 14 |
| Answer» E. | |
| 391. |
Cost of inventory does not include |
| A. | Salary of factory staff |
| B. | Storage cost necessary in the production process |
| C. | Cost of abnormal wastage |
| D. | None refundable taxes |
| Answer» D. None refundable taxes | |
| 392. |
Liquidation of a major customer after the end of the period end is…. |
| A. | Adjusting events |
| B. | Non adjusting event |
| C. | Error |
| D. | Changes in estimate |
| Answer» B. Non adjusting event | |
| 393. |
IASC head quartered at…. |
| A. | Delhi |
| B. | London |
| C. | New York |
| D. | Tokyo |
| Answer» C. New York | |
| 394. |
Carrying amount of an asset as on 1st April 2015 is Rs. 1500000 and depreciation for theyear 2015 – 2016 is 15000. Fair value of the asset less cost of disposal as on 31 March 2016 is Rs. 120000. Which of the following is the carrying amount at 1st April 2106? |
| A. | 120000 |
| B. | 135000 |
| C. | 150000 |
| D. | 165000 |
| Answer» B. 135000 | |
| 395. |
When after the end of the reporting period an event occurs that is indicative of conditionsthat arose after the end of the reporting period: |
| A. | The entity discloses the nature and effect of the event in the financial statements. |
| B. | The entity adjusts the related amounts recognised in the financial statements. |
| C. | Both of the above statements are true. |
| D. | None of the above |
| Answer» B. The entity adjusts the related amounts recognised in the financial statements. | |
| 396. |
Present value of expected future cash flows generated by an asset, plus its expecteddisposal value is called. |
| A. | Value in use |
| B. | Recoverable amount |
| C. | Carrying amount |
| D. | NRV |
| Answer» B. Recoverable amount | |
| 397. |
A change of estimate should be made to the income statement of …….. |
| A. | Current period and future period |
| B. | Prior period |
| C. | Current year |
| D. | None of the above |
| Answer» B. Prior period | |
| 398. |
IAS 17 does not applies to |
| A. | Biological asset held by lessee under finance leases |
| B. | Biological asset provided by lessor under operating leases |
| C. | Investment property provided by lessor under operating leases |
| D. | All of the above |
| Answer» E. | |
| 399. |
Which of the following is not an example of a potential ordinary share? |
| A. | Standard preference share |
| B. | Convertible preference share |
| C. | Stock warrant |
| D. | Convertible debt |
| Answer» B. Convertible preference share | |
| 400. |
Ind AS 38 deals with……. |
| A. | Tangible assets |
| B. | Impairment |
| C. | Intangible assets |
| D. | Borrowing cost. |
| Answer» D. Borrowing cost. | |