IFRS 9 explains about?

Related Mcqs:

1. A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

   A. Error of omission
   B. Error of commission
   C. Compensating error
   D. Error of principle

2. Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

   A. Error of principle
   B. Error of commission
   C. Error of omission
   D. Error of duplication

3. Institute of Chartered Accountants of Pakistan was established in____________?

   A. 1949
   B. 1956
   C. 1961
   D. 1972

4. Auditing is what?

   A. Reporting the financial information
   B. Examination of financial statements
   C. Preparation financial statements
   D. maintaining the ledger records

5. Audit fess is a part of__________.

   A. works on cost.
   B. selling overhead.
   C. distribution overhead.
   D. administration overhead

   Submitted by: ALIYA NAWAZ

6. Discount received is a/an:

   A. Asset
   B. Expense
   C. Liability
   D. Revenue

7. When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?

   A. Circulate representations to members
   B. Apply to the court to have the proposal removed
   C. Speak at the AGM/EGM where the removal is proposed
   D. Receive notification of the AGM/EGM where the removal is proposed

8. Which of the following factors are primarily considered to determine the economic life of an asset?

   A. Passage of time, asset usage, and obsolescence
   B. Tax regulations and SEBI guidelines
   C. Tax regulations and asset usage
   D. SEBI guidelines and Asset usage

9. Average Accounting Return is a measure of accounting profit relative to:

   A. Book value
   B. Intrinsic value
   C. Cost
   D. Market value

10. An income statement in which each item expressed as percentage of Sale?

    A. Balance sheet
    B. income statement
    C. common size income statement
    D. All of the Above

    Submitted by: Maneesh kumar