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