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Free Online MCQs Questions of Class – 11 Accountancy Chapter 5 – Accounting Standards and IFRS

Free Online MCQs Questions of CBSE Class 11 Accountancy Chapter 5 – Accounting Standards and IFRS with Answers. Free Online MCQs Questions for Class 11 Accountancy with Answers was Prepared Based on Latest Exam Pattern. Students can solve NCERT Class 11 Accountancy Accounting Standards and IFRS Multiple Choice Questions with Answers to know their preparation level on Success Roar Classes Website itself.

The Accounting standards and IFRS provides accounting well accepted standards to prepare financial accounts in uniformity with globally accepted frameworks. What are these AS and IFRS, learn more by solving these MCQs.

Free Online MCQs Questions of Class -11 Accountancy

Chapter 5 – Accounting Standards and IFRS with Answers

  1. Which accounting standard is applicable for valuation of inventories?

 (a) AS -1 

(b) AS-2 

(c) AS-3 

(d)As-4

2.      How many standards are issued by ICAI which are mandatory?

(a) 28    

(b) 32  

(c) 10  

(d) None of these

3.      Which accounting standard is applicable for fixed assets?

. (a) AS- 1

(b) AS-10

(c) AS-19

(d)AS-18

4.      Which accounting standard is applicable for intangible assets?

(a) AS- 10

(b) AS-6

(c) AS-26

(d)AS-3

5.      Which accounting standard is applicable for depreciation accounting?

(a)    As-6

(b) AS-9

(c)AS-1

(d)AS-3

6.      Which accounting standard is applicable for revenue recognition?

(a)    AS-9

(b) AS-10

(c)As-3

(d)AS-23

7.      Which accounting standard is applicable for cash flow statement?

(a) AS- 1

(b) AS-10

(c) AS-19

(d)AS-3

8.      Which accounting standard is applicable for contingencies and events occurring after the balance sheet date?

(a)    AS- 1

(b) AS-10

(c) AS-4

(d)AS-18

9.      Which accounting standard is applicable for impairment of assets?

(a)    AS- 1

(b) AS-10

(c) AS-19

(d)AS-28

10.  Which accounting standard is withdrawn and included in AS-26?

(a)    AS-3    

(b) AS-8 

(c) AS-23

(d) None of these

MCQs Questions of CBSE Class 11 Accountancy Chapter 5 – Accounting Standards and IFRS

Answer Key

1. (b)   2. (b)   3.(b)   4(c)  5(a)  6(a)   7(d)    8(c)   9(d)   10(b)

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