Advanced Accountancy Paper I
M.Com- I Semester- I Advanced Accountancy Paper- I Multiple Choice Questions 1. IASC means a) International Accounting Standards Committee b) International Accounting Standards Commission c) International Accounting Standards Company d) Indian Accounting Standards Committee 2. Accounting standards in India are issued by…………. a) Central Government b) SEBI c) Institute of chartered accountant of India d) Reserve Bank of India 3. The main purpose of introduction of accounting standards is to bring ………… in preparing financial statements. a) Consistency b) Formity c) Uniformity d) Reliability 4. Inventories should be valued at cost price or market price whichever is …………… a) Lower b) Higher c) Equal d) None 5. Accounting Standard 2 is releted to ………………. a) Depreciation Accounting b) R