- Accounting Standards are written policy documents.
- IASC was established in 1973, to provide a set of universally adopted accounting rules In India. ICAI works as counterpart of IASC.
- The main objective of accounting standards is to ensure standardisation.
- Accounting Standards Board (ASB) had formulated 32 Accounting Standards. At present, there are effectively 31 Accounting Standards.
- This is only a practice test, it is designed to help you revise your concepts
- The test contains questions, only 1 option is correct for each question
- This is a timed test.
- After you have finished the test, press on the 'Finish Test' button to know your score and get the correct answers