TEST MCQ SKILLS | A Place to test Your Knowledge

IASB stands for:

a) International Accounting Standard Bureau

b) International Accounting Standard Brand

c) International Accounting Standard Board

d) None of above

Correct! Wrong!

IFRS Stands for:

a) International Foreign Reporting Standards

b) International Financial Reporting Standards

c) International Financial Recording Standards

d) International Foreign Reporting Station

Correct! Wrong!

Which one of the following is not the element of financial statement?

Liabilities

Assets

Equity

Reliability

Correct! Wrong!

The carrying amount of an item of property, plant, and equipment generally refers to:

(a) The cost of item

(b) The replacement cost of the item

(9) The amount at which the item is recognised in the financial statement

Correct! Wrong!

Which one of the following is not the element of financial statement?

Assets

Liabilities

Comparability

Equity

Correct! Wrong!

Which one of the following is the Element of financial statement :

Assets

Liabilities

Expenses

d) All of the above

Correct! Wrong!

Which one of the following is not the qualitative characteristic of financial statement:

a) Comparability

Relevance

c) Reliability

None of the above

Correct! Wrong!

Which one of the following is the underlying assumption of the financial statement?

a) Going concern

b) Frequency & reporting

c) Comparative information

All of above

Correct! Wrong!

According to IAS which one of the following is the underlying assumption of the financial statement?

a) Accounting policies

b) Accounting errors

c) Accrual Basis, Going Concern

d) Accounting guidance

Correct! Wrong!

Approximately how many countries have adopted IFRS around the world?

120

135

115

140

Correct! Wrong!

Which one of the following is not a component of financial statement?

A) Fair Presentation

B) Going Concern

Offsetting

D ) Uniformity

Correct! Wrong!

International accounting standard board (IASB) was established in?

2013

2001

1977

2019

Correct! Wrong!

IASB stands for:

IFRS Stands for:

Which one of the following is not the element of financial statement?

The carrying amount of an item of property, plant, and equipment generally refers to:

Which one of the following is not the element of financial statement?

Which one of the following is the Element of financial statement :

Which one of the following is not the qualitative characteristic of financial statement:

Which one of the following is the underlying assumption of the financial statement?

According to IAS which one of the following is the underlying assumption of the financial statement?

Approximately how many countries have adopted IFRS around the world?

Which one of the following is not a component of financial statement?

International accounting standard board (IASB) was established in?

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