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Exam 4: Accounting Terminology and Standards

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Question 1

Multiple Choice

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Land related to agricultural activities is coming under the scope of Ind AS….

A) 16
B) 36
C) 115
D) 2

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Question 2

Multiple Choice

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A…………. is an operating segment or results from the aggregation of two or more operating segments that meets quantitative thresholds.

A) Joint Venture
B) Associates
C) Reportable segment
D) None of the above

Correct Answer

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C

Question 3

Multiple Choice

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Present value of expected future cash flows generated by an asset, plus its expected disposal value is called.

……….is the amount of income taxes payable on the taxable profit for a period, in accordance with rules established by the tax authorities

Ind AS 33 deals with

What is conceptual framework for accounting?

When the recoverable amount of an asset is less than its carrying value in the statement of financial position, the asset is said to be

Original cost at which asset or liability is acquired is known as ..

As per Ind AS 23, assets that require substantial time to bring to their intended use or to salable condition are known as

IAS 17 does not applies to

Which of the following is not coming under the scope of Ind AS 16

Amount attributed to the asset or liability for tax purpose is called

The process of converting foreign subsidiary financial statement into the home currency is known as …

….. is a financial reporting period shorter than a full financial year

Omission or misstatement in entity's financial statement for one or more prior period is called

Income tax consists of

Useful life of an intangible asset with finite useful life is reviewed at …

A statement showing information on increase or decrease in net asset or wealth of an entity is called…

Theoretical ex-right price is calculated when there is :

Operating lease is :