MCQOPTIONS
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MCQOPTIONS
This section includes 435 Mcqs, each offering curated multiple-choice questions to sharpen your Computer Networks knowledge and support exam preparation. Choose a topic below to get started.
| 401. |
IASB was established in the year…. |
| A. | 1999 |
| B. | 1977 |
| C. | 1972 |
| D. | 2001 |
| Answer» C. 1972 | |
| 402. |
A property developer must classify properties that it hold for sale in the ordinary courseof business as |
| A. | Inventories |
| B. | Property, Plant and Equipment |
| C. | Financial Assets |
| D. | Investment property |
| Answer» B. Property, Plant and Equipment | |
| 403. |
Specific principles, bases, conventions, rules and practices applied in presenting financialstatements, are called, |
| A. | Accounting estimates |
| B. | Accounting policies |
| C. | Prospective application |
| D. | Accounting estimates |
| Answer» C. Prospective application | |
| 404. |
……….is the amount of income taxes payable on the taxable profit for a period, inaccordance with rules established by the tax authorities |
| A. | Tax expense |
| B. | Tax base |
| C. | Deferred tax |
| D. | Current tax |
| Answer» E. | |
| 405. |
ASB was set up in India on……………… |
| A. | 21 April 1977 |
| B. | 1 April 1977 |
| C. | 1 January 1976 |
| D. | 31 March 1978 |
| Answer» B. 1 April 1977 | |
| 406. |
In selecting an accounting policy, we should review ________, |
| A. | The standard only |
| B. | The interpretation only |
| C. | Framework only |
| D. | All of the above |
| Answer» E. | |
| 407. |
Operating lease is |
| A. | Short term agreement |
| B. | Long term agreement |
| C. | Medium term agreement |
| D. | Any of the above |
| Answer» B. Long term agreement | |
| 408. |
An intangible asset is identified when, |
| A. | It is separable |
| B. | It arises from contractual or other legal rights, regardless whether those rights are transferable or separable from the entity |
| C. | Either (a) or (b) |
| D. | None of these |
| Answer» D. None of these | |
| 409. |
The process of converting foreign subsidiary financial statement into the home currencyis known as … |
| A. | Transmission |
| B. | Translation |
| C. | Consolidation |
| D. | Reconstruction |
| Answer» C. Consolidation | |
| 410. |
Ind AS 1 deals with…………… |
| A. | Presentation of financial statements |
| B. | Cash flow statement |
| C. | Intangible assets |
| D. | Accounting policies, changes in accounting estimates and errors |
| Answer» B. Cash flow statement | |
| 411. |
Property, Plant and Equipment are defined as, |
| A. | Tangible assets held for sale in the ordinary course of business |
| B. | Tangible assets held to earn rental or for capital appreciation or both |
| C. | Tangible assets used in the process of production or supply of goods or services or for rental to others |
| D. | None of the above |
| Answer» D. None of the above | |
| 412. |
What is the expansion of IASC? |
| A. | Indian Accounting Standard Committee |
| B. | International Accounting Standard Committee |
| C. | International Accounting Standard Control |
| D. | None of these |
| Answer» C. International Accounting Standard Control | |
| 413. |
………………..is the process of determining the monetary amounts at which the elementsof financial statements are recognized and carried in the financial statements. |
| A. | Recognition |
| B. | Addition |
| C. | Measurement |
| D. | Carrying |
| Answer» D. Carrying | |
| 414. |
An item of property , plant and equipment that qualifies for recognition as an asset shallbe measured at |
| A. | Cost |
| B. | Market price |
| C. | Replacement value |
| D. | Opportunity cost |
| Answer» B. Market price | |
| 415. |
Useful life of an intangible asset with finite useful life is reviewed at … |
| A. | Every year |
| B. | At the end of the useful life |
| C. | In case any changes in accounting estimated |
| D. | None of the above. |
| Answer» B. At the end of the useful life | |
| 416. |
Borrowing cost are, |
| A. | Interest and other cost that an entity incurs in connection with borrowing of funds |
| B. | Dividend payments |
| C. | Fine on delayed payments |
| D. | None of the above |
| Answer» B. Dividend payments | |
| 417. |
A…………. is an operating segment or results from the aggregation of two or moreoperating segments that meets quantitative thresholds. |
| A. | Joint Venture |
| B. | Associates |
| C. | Reportable segment |
| D. | None of the above |
| Answer» D. None of the above | |
| 418. |
Ind AS 41 deals with |
| A. | Biological assets |
| B. | Accounting for agriculture |
| C. | Interim reporting |
| D. | None of these |
| Answer» C. Interim reporting | |
| 419. |
Operating lease is : |
| A. | Short term agreement |
| B. | Long term agreement |
| C. | Medium term agreement |
| D. | Any of the above |
| Answer» B. Long term agreement | |
| 420. |
When the recoverable amount of an asset is less than its carrying value in the statement offinancial position, the asset is said to be |
| A. | Obsolete |
| B. | Value less |
| C. | Impaired |
| D. | Fully depreciated |
| Answer» D. Fully depreciated | |
| 421. |
Amount attributed to the asset or liability for tax purpose is called |
| A. | Carrying amount |
| B. | NRV |
| C. | Depreciation |
| D. | Tax base |
| Answer» E. | |
| 422. |
The cost of intangible asset at initial recognition is measured at its fair value when, |
| A. | It is internally generated |
| B. | It is acquired as a part of business combination |
| C. | It is acquired by way of a Government grant |
| D. | Both (b) and (c) |
| Answer» E. | |
| 423. |
What is conceptual framework for accounting? |
| A. | A set of rules and regulations |
| B. | A set of financial statements |
| C. | Components of financial statements |
| D. | A set of principles underpinning financial reporting |
| Answer» E. | |
| 424. |
Cash receipts from customers for the sale of goods are cash flows from: |
| A. | Operating activities |
| B. | Investing activities |
| C. | Operating or financing activities |
| D. | Financing activities |
| Answer» B. Investing activities | |
| 425. |
An intangible asset (other than goodwill) is, |
| A. | An identifiable asset without physical substance |
| B. | A non-monetary asset without physical substance |
| C. | An identifiable non-monetary asset without physical substance |
| D. | All of the above |
| Answer» D. All of the above | |
| 426. |
Which of the following is not an exception for application of IFRS 15 |
| A. | Lease contract |
| B. | Insurance contract |
| C. | None monetary exchanges |
| D. | All the above |
| Answer» E. | |
| 427. |
Omission or misstatement in entity’s financial statement for one or more prior period iscalled |
| A. | Change in accounting estimate |
| B. | Prior period errors |
| C. | Change in accounting policy |
| D. | None of these |
| Answer» C. Change in accounting policy | |
| 428. |
Original cost at which asset or liability is acquired is known as .. |
| A. | Carrying amount |
| B. | Replacement cost |
| C. | Historical cost |
| D. | Purchase price |
| Answer» D. Purchase price | |
| 429. |
Which of the following is not a minimum item on the face of the statement ofcomprehensive income? |
| A. | Revenue |
| B. | Finance cost |
| C. | Deferred tax |
| D. | Profit or Loss |
| Answer» D. Profit or Loss | |
| 430. |
Capitalization of borrowing cost should not cease when |
| A. | There is a delay and that delay is inherent in the asset acquisition process |
| B. | There is a delay in payment of interest on loan |
| C. | There is a permanent interruption |
| D. | None of the above |
| Answer» B. There is a delay in payment of interest on loan | |
| 431. |
Which of the following are cash and cash equivalents? |
| A. | Cash in hand |
| B. | Foreign currency in hand |
| C. | Bank balance |
| D. | All of the above |
| Answer» E. | |
| 432. |
…..are resources controlled by the entity as a result of past events and from which futureeconomic benefits are expected to flow to the entity. |
| A. | Assets |
| B. | Income |
| C. | Liability |
| D. | Current assets |
| Answer» B. Income | |
| 433. |
Inventory allocated to the construction of fixed asset should be…… |
| A. | Capitalized |
| B. | Expensed |
| C. | Reduced from value of inventory |
| D. | None of the above |
| Answer» B. Expensed | |
| 434. |
Total borrowings used for construction of an office building are Rs.30, 00000. Entityissued 8% debentures worth 10,00000 for this purpose and balance amount was utilized from its common pool including 10% bank loan of Rs.1000000 and 9.5% bank loan of Rs.1000000. What is the amount of borrowing cost to be capitalized? |
| A. | 275000 |
| B. | 300000 |
| C. | 250000 |
| D. | 265000 |
| Answer» B. 300000 | |
| 435. |
In HTTP pipelining __________ |
| A. | multiple HTTP requests are sent on a single TCP connection without waiting for the corresponding responses |
| B. | multiple HTTP requests cannot be sent on a single TCP connection |
| C. | multiple HTTP requests are sent in a queue on a single TCP connection |
| D. | multiple HTTP requests are sent at random on a single TCP connection |
| Answer» B. multiple HTTP requests cannot be sent on a single TCP connection | |