…. are the specific principles, bases, conventions, rules and practices
applied by an entity in preparing and presenting financial statements.
a)
Accounting
policies
b) Accounting
estimates
c) Accounting
assumption
d) None
of the above
A ………………..is an adjustment of the carrying amount of an asset or a
liability, or the amount of the periodic consumption of an asset, that results
from the assessment of the present status of, and expected future benefits and
obligations associated with, assets and liabilities.
a) Change
in accounting policies
b)
Change
in accounting estimate
c) Change
in accounting assumptions
d) None
of the above
…………….are omissions from, and misstatements in, the
entity’s financial statements for one or more prior periods arising from a
failure to use, or misuse of, reliable information that: (a) was available when financial statements for those
periods were approved for issue; and (b) could reasonably be expected to have been obtained and taken into account
in the preparation and presentation of those financial statements.
a)
Prior
period errors
b) Accounting
errors
c) Accounting
assumptions
d) None
of the above
Prior periods errors include the effects of
a) Mathematical mistakes,
b) Mistakes
in applying accounting policies
c) Oversights
or misinterpretations of facts
d)
All
of the above
……………is applying a new accounting policy to transactions, other events
and conditions as if that policy had always been applied.
a) Retrospective
application
b)
First
time adoption
c)
Prospective
application
d)
Likely
Application
………….is correcting the recognition, measurement and disclosure of amounts
of elements of financial statements as if a prior period error had never
occurred.
a)
Prior
period error
b) Retrospective
restatement
c)
Retrospective
application
d)
None
of the above
As per Ind AS 8, when an Ind AS ………..applies to a transaction, other
event or condition, the accounting policy or policies applied to that item
shall be determined by applying the Ind AS.
a)
Vaguely
b) Specifically
c)
Collectively
d)
None
of the above
In making the judgement described in paragraph 10, management shall refer
to, and consider the applicability of, the following sources in …………….order:
(a) the requirements in Ind ASs dealing with similar and related issues; and
(b) the definitions, recognition criteria and measurement concepts for assets,
liabilities, income and expenses in the Framework.
a)
Ascending
b) Descending
c)
Either
a or b
d)
None
of the above
In making the judgement described in paragraph 10, management shall refer
to, and consider the applicability of, the following sources in …………….order:
(a) the requirements in Ind ASs dealing with similar and related issues; and
(b) the definitions, recognition criteria and measurement concepts for assets,
liabilities, income and expenses in the Framework.
a)
Ascending
b) Descending
c)
Either
a or b
d)
None
of the above
In making the judgement described in paragraph 10 of Ind AS 8, management
shall refer to, and consider the applicability of which sources in descending order:
a)
the
requirements in Ind ASs dealing with similar and related issues
b)
the
definitions, recognition criteria and measurement concepts for assets,
liabilities, income and expenses in the Framework
c)
Only
a
d) Both
a and b
In making the judgement described in paragraph 10 of Ind AS 8, management
may also consider:
a)
Most
recent pronouncements of International Accounting Standards Board
b)
Most
recent pronouncements of those of the other standard-setting bodies that use a
similar conceptual framework to develop accounting standards, other accounting
literature and accepted industry practices
c)
Only
a
d) Both
a and b
No comments:
Post a Comment