Exam 1: Accounting Standards and Reporting in India

AS-7 deals with accounting for construction contracts in financial statements of

As per AS-19 …………nlease risk and reward is not transferred to the lessee.

The accounting standards Board (India) was formed by the Institute of Chartered Accountants of India in April---------------

As per AS 15 accumulated compensated absences can be carried forward if the current period entitlement is not used in full.

Right issue generally made at a price lower that…………….value of shares.

AS - 7 deals with accounting for Government grants.

AS-17 segment reporting applies to those companies which have an annual turnover of Rs……….crores or more.

AS 7 does not apply to Contractors

Impairment assets is nothing but………………….in the value of assets

…………….reporting helps uses of financial statements to better assess the risk and t returns of the enterprise.

AS …………….also focuses on profit sharing and bonus plan.

In financial lease as per As-19 leased assets is shown in the Balanced sheet of--

Accounting Standards in India are Issued by the …………..

Earning per share is very important financial ratio is computed for assessing the state of --------------price of shares.

Accounting Standards are beneficial not only to the business enterprises but also to the………….. as well.

AS 15 deals with the accounting for retirement benefits in the financial statements of --------------

Govt. grants become -----------because of non fulfillment of the conditions attached to that grant.

Recoverable amount of an asset isof selling price and value of an assets in use.

AS -20 deals with presentation and Computation of---------------

The important objective of Accounting standards is to the …………..diverse accounting policies and practices at present in use in India.