/5 5 Sample Quiz Foundation Sample Quiz 1 / 5 1. Which term describes diverse accounting policies with a view to eliminate non-comparability? A) standardisation of alternative accounting treatments B) harmonization of accounting policies C) transparency in financial reporting D) comparison of financial statements 2 / 5 2. 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 3 / 5 3. 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) 4 / 5 4. What is the purpose of the Indian Accounting Standards (ASs) framed by the Accounting Standards Board (ASB)? A) reducing the complexity of accounting principles B) standardizing accounting practices across different countries C) improving the reliability and comparability of financial statements D) promoting transparency and consistency in financial reporting 5 / 5 5. What is the role of Accounting Standards Board (ASB) in setting accounting standards in India? A) framing and issuing accounting standards B) consulting on the formulation of accounting policies C) providing guidelines for financial reporting D) auditing financial statements Your score is 0% Restart quiz