BCOM AFM-1 (Disclosure of Accounting) MCQ's




Question 61 :
Accounting policies are not same for all concerns.

  1. TRUE
  2. FALSE
  

Question 62 :
Following is the example of accounting policy

  1. Going Concern
  2. Accrual
  3. Treatment of retirement benefits
  4. Disclosure
  

Question 63 :
In the following areas different Accounting policies should be followed :

  1. Provision of Depreciation
  2. Valuation of Investments
  3. Valuation of Inventories
  4. All of the above
  

Question 64 :
As per AS 1 significant accounting policies

  1. Need not be disclosed at one place
  2. Should be disclosed at one place
  3. May be disclosed as per the choice of the management
  4. Should not be disclosed in public accounts
  

Question 65 :
Depreciation can be calculated either by ____ line method or _____ value methods.

  1. None of the above
  2. straight, written down
  

Question 66 :
There is a need of notes to accounts.

  1. TRUE
  2. FALSE
  

Question 67 :
Materiality has to be considered in selection of _____ _____.

  1. Final Statements
  2. Fundamental accounting assumptions
  3. Accounting Policies
  4. None of the above
  

Question 68 :
Disclosure of accounting policies should form part of final accounts.

  1. TRUE
  2. FALSE
  

Question 69 :
As per AS–1, any change in accounting policy

  1. Should be disclosed
  2. Should not be disclosed
  3. Requires permission from ICAI
  4. Requires permission from the Government
  

Question 70 :
Following is an example of an accounting policy

  1. Consistency
  2. Depreciation
  3. Accrual
  4. Going concern
  

Question 71 :
A company should select accounting policy which brings down the burden of taxes.

  1. TRUE
  2. FALSE
  

Question 72 :
Significant accounting policies are disclosed

  1. Along with financial statementss
  2. In the books of accounts
  3. Along with balance sheet
  4. In the accounting software
  

Question 73 :
As per AS–1, disclosure should be made of

  1. Significant accounting policies
  2. Assumptions in accounting
  3. Accounting principles
  4. Accounting policies
  
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