Question 1

Investment made by government as equity in the ownership of an enterprise is known as ------------

Accepted Answer

A) participation 
B) interested 
C) refundable 
D) not interested

Question 2

As per AS architects services are not included in construction contract.

Accepted Answer

A) false 
B) true 
C) may be true 
D) both a and b

Question 3

As per AS 7 Research and Development cost is to be excluded from contract cost .

Accepted Answer

A) true 
B) false 
C) may be false 
D) neither a nor b

Question 4

Revised AS 15 - Employees benefits is applicable in respect of accounting periods commencing on or after 1st April ----------

Accepted Answer

A) 2006 
B) 1978 
C) 2001 
D) 2009

Question 5

AS -26 deals with the treatment of costs of……………in financial statements.

Accepted Answer

A) Research & development 
B) Construction contract 
C) Assets 
D) Risk & Rewards

Exam 1: Accounting Standards and Reporting in India

Investment made by government as equity in the ownership of an enterprise is known as ------------