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CS Executive Practice Test: Overview of Accounting Standards – Corporate and Management Accounting
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CS Executive Practice Test: Overview of Accounting Standards – Corporate and Management Accounting
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25 Questions

1. AS-13 deals with:
2. Which of the following is ‘revenue’ as per AS-9
3. NRV or net realizable value of inventory is the expected selling price or market value less…………………
4. Accounting Standards_____the statue:
5. As per AS-2, the historical cost of inventories should normally be determined by using ……………………
6. Consistency with reference to the application of accounting principles refer to the:
7. Which of the following statements is correct with respect to inventories
8. Which of the following is treated as Potential Equity Share as per AS-20
9. Which section of the Companies Act, 2013 provides that the financial statements of every company shall comply with the accounting standards
10. Which of the following is Level-I enterprise
11. Which of the following is not a method of determining the stage of completion of a contract as per AS-7
12. The council of ICAI has so far issued_____accounting standards. However, AS-8 has been withdrawn. Thus, effectively there are_____accounting standards
13. Which of the following is a Level-II enterprise?
I. Listed enterprises outside India.
II. All commercial, industrial, and business reporting enterprises, whose turnover for the immediately preceding accounting period exceeds ₹ 50 Crore.
III. Financial institutions
IV. Enterprises carrying on insurance business.
Select the correct answer from the options given below
14. As per AS-7: Construction Con-tracts, an expected loss on the construction contract should be –
15. If rights and beneficial interest in property are transferred but documentation and legal formalities are pending then seller & purchaser should record in their accounts as sale & purchase. This the example of –
16. Which of the following method of inventory valuation is not recommended by AS – 2
17. AS-20 deals with:
18. As per AS-3, an investment normally qualifies as a cash equivalent only when it has a short maturity of, say,_____from the date of acquisition
19. As per AS-13, where, long-term investments are reclassified as current investments, transfers are made at the:
20. Which aspect of Financial Instruments is death by AS-31
21. AS-6: Depreciation applies to:
22. Which of the following are fundamental accounting assumptions?
A. Going Concern
B. Matching
C. Consistency
D. Dual Aspect
E. Materiality
F. Accrual
Select the correct answer from the options given below:
23. The original cost at which an asset or liability is acquired is known as –
24. As per AS-9, revenue from interest should be recognized –
25. As per AS-2, inventories should be valued at:
(1) Cost
(2) Net Realizable Value
Select the correct answer from the options given below

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