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P2 C7 Accounting Standards : Concept and Objectives Account - P2 C7 Accounting Standards : Concept and Objectives

Gujarat Board (GSEB) - STD 11 Commerce - Account (GSEB - English Medium). 40 questions in this chapter.

Question types

P2 C7 Accounting Standards : Concept and Objectives question types

40 questions across 3 question groups — pick any mix to generate a Account paper with step-by-step answer keys.

40
Questions
3
Question groups
5
Question types
Sample Questions

P2 C7 Accounting Standards : Concept and Objectives questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 1MCQ .(1 Marks)1 Mark
In case of conflict between the accounting standards and law, …………………...
  • A
    the accounting standards shall prevail.
  • ✓
    the law shall prevail.
  • C
    the Central Government shall prevail.
  • D
    the Income Tax Authority shall prevail.

Answer: B.

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Q 3MCQ .(1 Marks)1 Mark
From the following, which is not the objective of accounting standards?
  • A
    To bring uniformity in accounting policies.
  • B
    To allow flexibility of adopting a particular method.
  • C
    To enhance the reliability if financial statements.
  • ✓
    To decrease the credibility of financial statements.

Answer: D.

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Q 4MCQ .(1 Marks)1 Mark
Accounting Standards provide rules and guiding principle for preparation and presentation of ………………… .
  • A
    non-financial statements.
  • ✓
    financial statements.
  • C
    trial balance and balance sheet.
  • D
    income-expenses statement.

Answer: B.

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