Financial Accounting MCQ AccountingAttempt now to check your rank among 33 students! 50 Questions 30 Mins
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Following are some of the multiple choice questions on the Financial Accounting with answers that will help the students in developing their knowledge.
Financial Accounting MCQ
24. Which of the following statements is/are true?1- The IFRS Interpretations Committee is a forum for the IASB to consult with the outside world. 2 -The IFRS Foundation produces IFRSs. The IFRS Foundation is overseen by the IASB. 3 - One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRSs.
26. The amount paid at the time of entering the Hire-purchase transaction for the goods purchased is known as
35. Which of the following statements about contingent assets and contingent liabilities are correct?1-A contingent asset should be disclosed by note if an inflow of economic benefits is probable.2- A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made.3 -No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required.4 -No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote.
39. Which of the following material events after the reporting period and before the financial statements are approved by the directors should be adjusted for in those financial statements?1-A valuation of property providing evidence of impairment in value at the reporting period2-Sale of inventory held at the end of the reporting period for less than cost3-Discovery of fraud or error affecting the financial statements4 - The insolvency of a customer with a debt owing at the end of the reporting period which is still outstanding
47. Which ONE of the following statements correctly describes how International Financial Reporting Standards (IFRSs) should be used?
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