Which organization is responsible for issuing International Accounting Standards (IAS)?
a) Financial Accounting Standards Board (FASB)
b) International Accounting Standards Board (IASB)
c) Securities and Exchange Commission (SEC)
d) Public Company Accounting Oversight Board (PCAOB)
What is the main objective of IAS?
a) To manipulate financial reports
b) To provide a global framework for financial reporting
c) To create accounting rules only for the U.S.
d) To replace company management
IAS was replaced by which international standard framework?
a) Generally Accepted Accounting Principles (GAAP)
b) International Financial Reporting Standards (IFRS)
c) Sarbanes-Oxley Act (SOX)
d) Basel Regulations
Which IAS standard deals with the presentation of financial statements?
a) IAS 1
b) IAS 16
c) IAS 36
d) IAS 40
IAS 2 relates to which aspect of financial reporting?
a) Inventories
b) Fixed Assets
c) Cash Flow Statements
d) Financial Instruments
IAS 7 focuses on which financial statement?
a) Income Statement
b) Balance Sheet
c) Cash Flow Statement
d) Statement of Changes in Equity
IAS 10 provides guidelines on:
a) Fixed Asset Valuation
b) Events after the Reporting Period
c) Revenue Recognition
d) Accounting for Leases
IAS 16 deals with:
a) Property, Plant, and Equipment
b) Revenue Recognition
c) Shareholder Equity
d) Financial Instruments
Which standard governs accounting for intangible assets?
a) IAS 2
b) IAS 38
c) IAS 16
d) IAS 32
IAS 36 focuses on:
a) Revenue Recognition
b) Impairment of Assets
c) Lease Accounting
d) Share-Based Payments
Which IAS standard deals with provisions, contingent liabilities, and contingent assets?
a) IAS 12
b) IAS 18
c) IAS 37
d) IAS 41
IAS 40 applies to:
a) Financial Statements
b) Investment Property
c) Income Taxes
d) Revenue Recognition
IAS 21 provides guidelines for:
a) Income Taxes
b) Foreign Exchange Transactions
c) Financial Instruments
d) Lease Agreements
Which IAS standard deals with accounting for employee benefits?
a) IAS 12
b) IAS 19
c) IAS 24
d) IAS 32
IAS 12 focuses on:
a) Property Valuation
b) Income Taxes
c) Government Grants
d) Leases
IAS 32 relates to which financial reporting aspect?
a) Shareholder Equity
b) Financial Instruments Presentation
c) Employee Benefits
d) Revenue Recognition
IAS 23 provides guidelines for:
a) Borrowing Costs
b) Inventory Valuation
c) Fixed Asset Depreciation
d) Business Combinations
IAS 8 focuses on:
a) Financial Statement Presentation
b) Accounting Policies, Changes in Estimates, and Errors
c) Government Grants
d) Consolidated Financial Statements
IAS 41 applies to which sector?
a) Retail Industry
b) Agricultural Sector
c) Banking and Finance
d) Construction Industry
IAS 34 provides guidelines for:
a) Annual Financial Reports
b) Interim Financial Reporting
c) Inventory Valuation
d) Lease Accounting
IAS 27 deals with:
a) Consolidated and Separate Financial Statements
b) Intangible Assets
c) Lease Agreements
d) Share-Based Payments
IAS 20 focuses on:
a) Government Grants
b) Business Combinations
c) Asset Revaluation
d) Deferred Tax Liabilities
IAS 11 was replaced by which IFRS standard?
a) IFRS 9
b) IFRS 15
c) IFRS 16
d) IFRS 17
Which IAS standard provides guidance on reporting related party transactions?
a) IAS 2
b) IAS 24
c) IAS 33
d) IAS 37
IAS 39 deals with:
a) Accounting for Financial Instruments
b) Revenue Recognition
c) Lease Accounting
d) Government Grants
IAS 33 relates to:
a) Earnings Per Share (EPS)
b) Cash Flow Statements
c) Deferred Tax Accounting
d) Inventory Valuation
IAS 17 was replaced by which IFRS standard?
a) IFRS 9
b) IFRS 16
c) IFRS 13
d) IFRS 10
IAS is primarily used in which type of accounting system?
a) Cash Basis Accounting
b) Accrual Basis Accounting
c) Tax Basis Accounting
d) Government Accounting
Which of the following countries has fully adopted IFRS instead of IAS?
a) United States
b) Canada
c) India
d) China
