Definition, Scope and Accounting Standards including Ind AS is the First Unit (Unit 1) under Module A: Accounting Principles and Processes of Paper – III (Accounting & Financial Management for Bankers)
If you are appearing for the Upcoming JAIIB Exams, it is important to understand the fundamental concepts of the Topics and clear your doubts. We have prepare and collected some fundamental questions and answers in the form of MCQ Questions and Answers arranged into multiple Quizzes having 10 Questions in each Quiz. It can help you to understand the topics. A solid fundamental understanding will build your confidence and encourage you to think critically and enables you to answer the JAIIB MCQ Questions correctly in the Exam and increase your chances to pass the exam with flying colors. It is advisable to practice these Questions and Answers on regular basis to raise your confidence Level.
Practice MCQ Question and Answer – Definition, Scope and Accounting Standards including Ind AS
Quiz 5
1. Which organization is responsible for issuing the FASB Accounting Standards Codification ?
….
Answer is (c)
Financial Accounting Standards Board (FASB)
2. Which of the following is a potential drawback of the Negotiated Transfer Pricing method ?
….
Answer is (b)
It can lead to suboptimal outcomes based on the negotiating power of each subsidiary.
3. Which of the following determines the transfer price of the Resale Price Method ?
….
Answer is (d)
The price at which the goods are sold to third parties, minus a standard margin.
4. When is the Cost-Plus Transfer Pricing method is most appropriate ?
….
Answer is (a)
There is no external market price for the goods or services.
5. Which of the following is/are a key issue in transfer pricing related to sales within subsidiaries ?
- Revenue basis
- Product development
- External market competition
- Customer satisfaction
….
Answer is (a)
Revenue basis
6. IAS 7 deals with which of the following ?
….
Answer is (d)
Statement of Cash Flows
7. Which body is currently responsible for issuing the International Financial Reporting Standards (IFRS) ?
….
Answer is (c)
International Accounting Standards Board (IASB)
8. What is the focus of IAS 12 ?
….
Answer is (c)
Income Taxes
9. How are personal transactions treated in financial reporting under GAAP ?
….
Answer is (a)
They are excluded from business financial reports.
10. Which accounting standard provides guidelines on accounting for government grants ?
….
Answer is (b)
AS 12
Quiz Numbers
Read More: MCQ Type Questions and Answers from Paper – III (Accounting & Financial Management for Bankers)
Module A: Accounting Principles and Processes
- Definition, Scope and Accounting Standards including Ind AS
- Basic Accountancy Procedures
- Maintenance of Cash/Subsidiary Books and Ledger
- Bank Reconciliation Statement
- Trial Balance, Rectification of Errors and Adjusting & Closing Entries
- Depreciation and its Accounting
- Capital and Revenue Expenditure
- Bills of Exchange
- Operational Aspects of Accounting Entries
- Back Office Functions/Handling Unreconciled Entries in Banks
- Bank Audit & Inspection
Module B – Financial Statements and Core Banking Systems
- Balance Sheet Equation
- Preparation of Final Accounts
- Company Accounts – I
- Company Accounts – II
- Cash Flow & Funds Flow
- Final Accounts of Banking Companies
- Core Banking Systems & Accounting in Computerised Environment
Module C – Financial Management
- Financial Management – An Overview
- Ratio Analysis
- Financial Mathematics – Calculation of Interest & Annuities
- Financial Mathematics – Calculation of YTM
- Financial Mathematics – Forex Arithmetic
- Capital Structure and Cost of Capital
- Capital Investment Decisions/Term Loans
- Equipment Leasing/Lease Financing
- Working Capital Management
- Derivatives
Module D – Taxation and Fundamentals of Costing
- Taxation: Income Tax/TDS/Deferred Tax
- Goods & Services Tax
- An Overview of Cost & Management Accounting
- Costing Methods
- Standard Costing
- Marginal Costing
- Budgets and Budgetary Control