Under Ind AS 37, a provision should be recognized when: MCQ with Answer and Explanation
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Question #1
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The 'Convergence' of accounting standards means:
Correct Answer: Option D
Explanation:
Convergence involves making domestic standards consistent with IFRS, with modifications if necessary.
Convergence involves making domestic standards consistent with IFRS, with modifications if necessary.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A: Errors of principle do not affect the Trial Balance. R: Errors of principle involve recording a transaction in the wrong class of account. Choose the correct option.
Correct Answer: Option B
Explanation:
An error of principle (e.g., treating a capital expense as revenue) violates accounting rules but keeps the debit and credit amounts equal. Therefore, the Trial Balance still agrees. R correctly explains the nature of the error.
An error of principle (e.g., treating a capital expense as revenue) violates accounting rules but keeps the debit and credit amounts equal. Therefore, the Trial Balance still agrees. R correctly explains the nature of the error.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Independence' of auditor means:
Correct Answer: Option C
Explanation:
Independence in mind and appearance is fundamental to audit.
Independence in mind and appearance is fundamental to audit.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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