Time: 3 Hours Max. Marks: 75 GROUP A : Answer any three questions. (Question No. 1 is compulsory)
Q.1 Q.2 Q.3 Q.4 Q.5 What is Financial Reporting? What are the various types of financial report? Explain the Various limitations of financial reporting. What are the importance and benefits of accounting standard? (05) (10) (10) (10) Explain a brief introduction on Accounting standard 1 and Accounting standard 5. (10)
GROUP B : Answer any three questions. (Question No. 6 is compulsory)
Q.6 Q.7 Q.8 Q.9 What are accounting standards? Explain the structure and requirements of IFRS. (05) (10) Give an overview of US GAAP. (10) Give Similarities and differences between Indian Accounting Standards and IFRS. (10) Q.10 Explain Various Generally Accepted Accounting Principles” (GAAP). (10)
GROUP C: All Questions are Compulsory. Q.11 Fill in the blanks (Each question carries 2 marks)
(i) (ii) (i) (ii) (iii) (iv) (v) GAAP means ____________. The concept of relevance is directly related to decision making needs of _________. Accounting standard AS 1 is ___________. The company Act 1956 prescribes ___________. SEBI means ___________.
Q.12 Multiple choice question. (Each question carries 2 marks)
Qualitative characteristics of information in Financial Report (a) Understandability (b) Relevance (c) Reliability (d) All of above Financial reporting covers set of accounting data which include (a) Balance sheet (b) Profit & Loss account (c) Cash flow statement (d) All of above
(iii) (iv) (v) Till date IASC has brought out __________ accounting standards. (a) 100 (b) 40 (c) 10 (d) 60 IFRS international financial reporting standards are __________ based standards. (a) Observational (b) Principle (c) Vocational (d) None of these GAAP has been defined by (a) ASB (b) ICAI (c) IASC (d) All of above
Q.13 True or false (Each question carries 1 marks)
(i) (ii) (iii) (iv) (v) Upto 1997 there was no statutory backing of accounting standards in India. GAAP is single accounting rule. The IASB consist of 14 Board members, each with one vote. Accounting is a formal system of record keeping and reporting. Auditors audit the affairs of company and submit there report to shareholders through the Board of Directors.