/5 1 Sample Quiz Foundation Sample Quiz 1 / 5 1. What is the role of Accounting Standards Board (ASB) in setting accounting standards in India? A) auditing financial statements B) consulting on the formulation of accounting policies C) providing guidelines for financial reporting D) framing and issuing accounting standards 2 / 5 2. Who issues Accounting Standards in India for non-corporate entities? A) State Governments B) Securities and Exchange Board of India (SEBI) C) The Central Government of India D) The Institute of Chartered Accountants of India (ICAI) 3 / 5 3. What is the purpose of the Indian Accounting Standards (ASs) framed by the Accounting Standards Board (ASB)? A) standardizing accounting practices across different countries B) improving the reliability and comparability of financial statements C) reducing the complexity of accounting principles D) promoting transparency and consistency in financial reporting 4 / 5 4. What is the purpose of additional disclosures in accounting standards? A) minimize the amount of information provided in financial statements B) provide clarity on financial statement presentation C) streamline the process of financial reporting D) call for disclosure beyond what is required by law 5 / 5 5. Which term describes diverse accounting policies with a view to eliminate non-comparability? A) standardisation of alternative accounting treatments B) comparison of financial statements C) transparency in financial reporting D) harmonization of accounting policies Your score is 0% Restart quiz