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