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CA Inter Applicability of Accounting Standards to Various Entities — practice questions — page 2

Explore 43 free Applicability of Accounting Standards to Various Entities questions in CA Inter Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Applicability of Accounting Standards to Various Entities questions and exercises with answers

Showing questions 31–43 of 43.

A small unlisted insurance company wants SMC status. Can it qualify?Read the answer and worked solution →SMC conditions are tested as at which point?Read the answer and worked solution →For the SMC borrowing limit, when are borrowings measured?Read the answer and worked solution →The Companies (Accounting Standards) Rules, 2021 refer to which Companies Act number?Read the answer and worked solution →The Accounting Standards Board is a committee under which body?Read the answer and worked solution →Before Ind AS, Indian companies followed which accounting framework?Read the answer and worked solution →The ICDS notified in February 2015 relate to what?Read the answer and worked solution →ICAI, which houses the Accounting Standards Board, was formed under what?Read the answer and worked solution →At precisely Rs 500 crore net worth, an unlisted entity adopts Ind AS beginning when?Read the answer and worked solution →An unlisted entity with the minimum Rs 250 crore net worth begins Ind AS on?Read the answer and worked solution →A company in the process of listing has net worth of Rs 600 crore. Ind AS from?Read the answer and worked solution →A small associate of a first-phase company must apply Ind AS from?Read the answer and worked solution →Under Rule 4, Ind AS binds companies in preparing statements and auditors in what?Read the answer and worked solution →

Worked practice questions

A small unlisted insurance company wants SMC status. Can it qualify?

  1. No, insurers are excluded
  2. Yes, if turnover is low
  3. Yes, if it is unlisted
  4. Yes, if it is audited
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Correct answer: A. No, insurers are excluded

An SMC must not be a bank, financial institution or an insurance company.

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SMC conditions are tested as at which point?

  1. Start of the period
  2. End of the relevant period
  3. Date of the first AGM
  4. Date of incorporation
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Correct answer: B. End of the relevant period

The explanation says the conditions must be satisfied as at the end of the relevant accounting period.

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For the SMC borrowing limit, when are borrowings measured?

  1. At any time in the preceding year
  2. As an average over the year
  3. On the balance sheet date only
  4. Only at the year before last
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Correct answer: A. At any time in the preceding year

The test looks at borrowings at any time during the immediately preceding accounting year, not just at year-end.

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More Accounting topics

AS 3 Cash Flow StatementSchedule III Division I Financial StatementsAS 19 LeasesValuation of Inventories (AS 2)AS 22 Taxes on IncomeAS 28 Impairment of AssetsProperty, Plant and EquipmentAS 17 Segment Reporting