/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) comparison of financial statements D) transparency in financial reporting 2 / 5 2. 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) improving the reliability and comparability of financial statements C) standardizing accounting practices across different countries D) promoting transparency and consistency in financial reporting 3 / 5 3. Who issues Accounting Standards in India for non-corporate entities? A) The Institute of Chartered Accountants of India (ICAI) B) The Central Government of India C) Securities and Exchange Board of India (SEBI) D) State Governments 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) providing guidelines for financial reporting C) auditing financial statements D) consulting on the formulation of accounting policies 5 / 5 5. What is the purpose of additional disclosures in accounting standards? A) call for disclosure beyond what is required by law B) minimize the amount of information provided in financial statements C) provide clarity on financial statement presentation D) streamline the process of financial reporting Your score is 0% Restart quiz