1. Accounting Standards for non-corporate entities in India are issued by
A) Central Govt.
B) State Govt.
C) Institute of Chartered Accountants of India. ✓
D) MCA
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Sample Questions: CA Inter Accounting
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2. An accounting policy can be changed if the change is required
A) By statute or accounting standard
B) For more appropriate presentation of financial statements
C) Both (a) and (b) ✓
D) By statute as well as accounting standards.
3. Crown Ltd. wants to prepare its cash flow statement. It sold equipment of book value of ₹ 60,000 at a gain of ₹ 8,000. The amount to be reported in its cash flow statement under operating activities is
A) Nil ✓
B) ₹ 8,000
C) ₹ 68,000
D) ₹ 60,000
4. Which of the following statements is correct?
A) The overall test of 75% considers only external revenue to compute the threshold limit. ✓
B) The overall test of 75% considers only internal revenue to compute the threshold limit.
C) The overall test of 75% considers both internal and external revenue to compute the threshold limit.
D) It is management choice whether they want to include both external and internal revenue for computing threshold limit.
5. As per AS 20, equity shares which are issuable upon the satisfaction of certain conditions resulting from contractual arrangements are
A) Dilutive potential equity shares
B) Contingently issuable shares ✓
C) Contractual issued shares
D) Potential equity shares
6. The standard defines Interim financial Report as a financial report for an interim period that contains a set of ………. financial statements.
A) Complete
B) Condensed
C) Financial statement similar to annual
D) Either complete or condensed ✓
7. As per AS 10 (Revised) ‘Property, Plant and Equipment’, an enterprise holding investment properties should value Investment property
A) as per fair value
B) under discounted cash flow model.
C) under cost model ✓
D) under cash flow model
8. Cost of investment includes
A) Purchase costs.
B) Brokerage and Stamp duty paid.
C) Both (a) and (b). ✓
D) none of the above. Theoretical Questions