What is the primary objective of accounting standards?

FR MCQ SET 1

Quiz
•
Professional Development
•
University
•
Hard
Vijayalakshmi Sailapathi
FREE Resource
21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To increase tax revenue
To ensure consistency and comparability of financial statements
To minimize regulatory oversight
To reduce the cost of financial audits
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best defines IND AS (Indian Accounting Standards)?
A set of rules for taxation in India
A framework for financial reporting in India, converged with IFRS
Guidelines for internal management accounting
Regulations for corporate governance in India
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of IFRS (International Financial Reporting Standards)?
To standardize accounting practices worldwide
To provide guidelines for company formation
To set rules for mergers and acquisitions
To establish tax reporting requirements
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a benefit of adopting IFRS?
Increased regional tax rates
Enhanced comparability of financial statements across international borders
Reduced compliance with local regulations
Greater complexity in financial reporting
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One limitation of accounting standards such as IND AS and IFRS is:
Incompatibility with local business practices
Increased transparency in financial reporting
Enhanced comparability with global standards
Lower compliance costs
6.
OPEN ENDED QUESTION
3 mins • 1 pt
Who is primarily responsible for formulating IFRS?
Evaluate responses using AI:
OFF
7.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the primary body responsible for the formulation of IND AS in India?
Evaluate responses using AI:
OFF
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