BDA – Finance & Accounting – Introduction to IFRS FP fresco play MCQ in Tfactor / iEvolve with the Course ID 76223 – Question & Answers……
BDA – Finance & Accounting Introduction to IFRS FP Final Assessment Fresco play Multiple Choice Questions in Tfactor / iEvolve with the Course ID 76223 – Question & Answers. Aspirants please follow the below MCQ’s and choose the correct answers.
BDA – Finance & Accounting Introduction to IFRS FP Fresco Play Final Assessment with the Course ID 76223
Which of the following is NOT a disadvantage of IFRS?
- IFRS standards are not always consistent in their treatment of similar items.
- IFRS helps accounting practices become more flexible.
- The too many choices provided by IFRS undermine the critical objective of enhancing comparability.
- There can be significant costs associated with transitioning to IFRS.
Which of the following is NOT an objective of IASB?
- To Come up with modifications to the IFRS standards to suit a country’s local needs
- To take cognizance of the needs of small-and medium-sized entities
- To promote the rigorous application of IFRS standards
- To facilitate adoption of IFRS
IFRS 4: Insurance Contracts exempts an insurer temporarily until it adopts ___ from certain specifications of other standards, which includes the requirement to consider the Conceptual Framework in selecting accounting policies for insurance contracts. Fill in the blank.
- IFRS 17
- IFRS 8
- IFRS 5
- IFRS 10
As notified by the Ministry of Corporate Affairs, how many Ind AS standards are there as of December 2021?
Which of the following countries does NOT use the IFRS standards?
- United States of America
- South Africa
- South Korea
State true or false. The International Accounting Standards Committee (IASC) was dissolved in 2001 and replaced by the International Accounting Standards Board (IASB), which introduced the IFRS standards.
Which of the following is/are difference(s) between the IAS and IFRS standards?
- The IAS measures occur between 1973 and 2001, while IFRS models were from 2001 onwards
- IAS represents International Accounting Standards, while IFRS alludes to International Financial Reporting Standards.
- IAS measures come via the IASC, while the IFRS come through the IASB, which succeeded the IASC
- All of the options
IFRS standards are issued and managed by the:
- Ministry of Corporate Affairs
- International Accounting Standards Board
- Financial Accounting Standards Board
- International Actuaries Standards Body
State true or false. Generally Accepted Accounting Principles, or GAAP, functions based on 10 principles.
Which IFRS standard mentions guidelines that an entity needs to follow when it adopts IFRS first time for preparing its financial statements?
- IFRS 2
- IFRS 17
- IFRS 10
- IFRS 1
IFRS 16 introduces a single lessee accounting model. A lessee needs to recognize assets and liabilities for all leases with a term of more than ____ , unless the underlying asset is of low value. Fill in the blank.
- 18 months
- 24 months
- 6 months
- 12 months
Read the following statements regarding the difference between IFRS and GAAP. Select whether they are true or false. A: IFRS allows only FIFO (First In First Out) inventory method for valuation of inventories. On the other hand, GAAP uses both FIFO (First In First Out) and LIFO (Last In First Out) method of inventory valuation. B: IFRS is a globally-accepted accounting standard accepted in round 120+ countries. On the other hand GAAP is adopted only in the USA.
- A is false and B is true
- A and B both are true
- A and B both are false
- A is true and B is false
Which is the latest IFRS standard to be launched?
- Financial Instruments: Disclosures
- Insurance Contract
- Lease Accounting
- Fair Value Measurement
Which of the following is/are advantage(s) of IFRS?
- IFRS helps develop unified set of accounting and reporting standards.
- IFRS makes it easier for all companies to do business in foreign countries.
- IFRS facilitates international acquisitions and mergers.
- All of the options
The following statements list the difference between Ind AS and IFRS. Select the incorrect statement.
- IFRS comes under the purview of Financial Accounting Standards Board whereas Ind AS comes under the purview of International Accounting Standards Board.
- IFRS stands for International Financial Reporting Standards while IND AS stands for Indian Accounting Standards.
- Companies complying with IFRS have to disclose as a note that the financial statements comply with IFRS. On the other hand, such a disclosure is not mandatory for companies complying with Indian Accounting Standards or IND AS.
- IFRS is followed by around 120+ countries across the world. Ind AS is followed only in India.
BDA – Finance & Accounting Introduction to IFRS_FP Fresco play Final Assessment – Multiple Choice Questions MCQ in Tfactor / iEvolve with the Course ID 76223. Please feel free to comment below if anything get new questions at the time attempting the assessment.