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