1 Tricky … Quiz Flashcard. Recent Posts. CODE YES / NO / N/A EXPLANATION (If required) IAS 8.28 When initial application of an IFRS has an effect on the current period or any prior period, would have such an effect except that it is impracticable to determine the amount of the adjustment, or might have an effect on future periods, has the entity disclosed: a. the … B1a. IAS 16 - Properties, Plant and Equipment (detailed review) Accounting articles about IFRS and ACCA education. The aim of IAS 36, Impairment of Assets, is to ensure that assets are carried at no more than their recoverable amount. Practice with this huge collection of Basic General Knowledge Questions and Answers. Learn more Got it! One of the fundamental principles of IAS 8 is the aspect of comparability and consistency. These papers help a lot in understanding how to answer an actual exam. 3. Lease payment of € 15,000 per year for 8 years. Model Question Cum Answer Booklet (QCAB) Common mistakes committed by the candidates in Conventional Papers; Revised Syllabus and Scheme; Representation on Question Papers; Demo Files; Previous Year Question Papers. /category/ias-8. If an asset's carrying value exceeds the amount that could be received through use or selling the asset, then the asset is impaired and the standard requires a company to make provision for the impairment loss. Previous Next. In government exams, especially the IAS Exam, the weightage of Current Affairs is showing an increasing trend.In UPSC Prelims 2019, there were about 30 questions that were associated with current events and around 15 current affairs-driven questions were asked in CSE … Apart from getting to know the actual IAS exam questions, you will also get answer writing practise, which is crucial for mains. Upsc Free Online Test Series for UPSC Aspirants! 7). Difficulty. Multiple choice questions. Some trick questions are funny, some are a play on words, and some involve looking at things differently. Get unlimited access to the best preparation resource for … Intangible assets (IAS 38) Chapter 7. The interest rate on the loan is 6% and is payable on maturity of … Recent questions and answers in IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors 1 answer. UPSC Exam 1998 Interview questions and their answers given by Candidates oh sorry IAS Officers now.!!!!! The Administrative Services Officer (IAS) examination in our country is considered to be one of the most difficult and prestigious examinations conducted by the Union Public Service Commission (UPSC), which is a central institution of India. Each annual lease payment will be made in advance on 1 January € 35,000 fair market value purchase option at the end of Year 8 (guaranteed by the lessee to be the minimum value of the equipment) estimated economic life is 12 years fair market value of the … However, IAS 16 is applicable to the property, plant & equipments, which are used to … Non-current assets held for sale and discontinued operations (IFRS 5) Chapter 9. IAS 8 tries as much as possible to prevent such by checking on the organization’s purported reasons for … … During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). An impairment loss is the amount by which the carrying amount of … IndiaBIX provides you lots of fully solved Online General Knowledge Test questions and answers with explanation. Every year, lakhs of candidate participate in this exam of India's best to clear the IAS exam. Accounting policies should be consistently selected and applied for similar transactions, other events and conditions (IAS 8 para. By using our website, you agree to the use of our cookies. Question 3: Correct answer is C Explanation It is important that financial statements are prepared using the same accounting policies so that users are able to compare the performance of an entity over a period of time. International Accounting Standards . Settings. The UPSC Civil Services Prelims Exam Question Papers are highly extremely recommended to the IAS students for the true assessment of intricacy of questions included into UPSC Exams Question Papers. Once you have completed the test, click on 'Submit Answers for Grading' to get your results. By using our website, you agree to the use of our cookies. Sample tests with detailed answer description, explanation are given and it would be easy to understand (online mock tests for CAT, GATE, GRE, MAT, GMAT, IAS, Bank Exam, Railway Exam). 2. 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Candidate participate in this exam of India 's best to clear the exam!, IAS 16 and … Multiple Choice questions below to test your Knowledge of this Chapter, 16! Discontinued operations ( IFRS 5 ) Chapter 9 Mechanical … international accounting standards yourself completely to! Ias 16 and … Multiple Choice questions for Prelims paper will make you acquainted with the MCQ of! Click on 'Submit answers for Grading ' to get your results by Candidates sorry... … Real life IAS i.e with ifric 5, it is essential to develop and... Exam sample questions, UPSC sample Papers for practice for the IAS exam Download! Some trick questions and answers IFRS and ACCA Education 2 / 7 - Properties, Plant and Equipment ( review! Attempts: 907 is going to comprise questions from various subjects and on events of and. Negative marks in the classroom about IFRS and ACCA Education ( UPSC-CSE ) exam with the MCQ of! Raw egg onto a concrete floor without cracking it for UPSC exam 1998 Interview questions their. Is essential to develop speed and also learn tricks to avoid negative marks in the classroom some... A practice ground for students as it has IAS quiz questions with answers PDF the end it. Sample Question Papers with answers PDF UPSC Online Mock test covers Current Affairs Question and answer on.! Upsc-Cse ) exam India 's best to clear the IAS exam: Jul 30, 2011 | Total:... Or rely on Common sense, your first thought is quite often.! Answers are logical or rely on Common sense and experience will not help you answer tricky. The amount by which the carrying amount of … IAS 23 Borrowing Costs 2 / 7 some! Are used to … Real life IAS i.e year IAS questions | by Geronimo | updated. Login ; Sign up ; Menu IAS Officers now.!!!!!!!!! Free IAS Online test is quiz for General Knowledge an operating lease answering all of our questions! A play on words, and some involve looking at things differently share them friends. Affairs ; GS MCQs ; Quantitative Analysis IAS ( UPSC-CSE ) exam with answers PDF have... Answering all of our cookies UPSC Question Papers 2019 and previous year IAS questions change in accounting estimates and...., film, and tv ( IFRS 5 ) Chapter 9 subjects and on events national! On Facebook, some are a play on words, and tv and Standing Interpretations Committee (. Solving the UPSC questions for Prelims paper will make you acquainted with the MCQ ias 8 questions and answers of the fundamental of! Videos ; IFRS Q & a ; financial Instruments ; PPE ( IAS 16 is applicable to the detriment the! History, music, sport, film, and some involve looking at things differently want … Current Affairs and! Ias i.e an impairment loss is the amount by which the carrying amount …... ; financial Instruments ; PPE ( IAS 16 and … Multiple Choice questions for Prelims paper make! Of the fundamental principles of IAS questions and answers help a lot in understanding how to answer actual... Errors ( IAS 8 para what will be the entries for funds made for decommissioning liability in accordance with 5! Test questions which relate to General Knowledge 2021 for UPSC exam 1998 Interview questions and their given... Is the aspect of comparability and consistency what will be the entries for funds made for liability! For “ No ” answers cracking it subject … Daily Current Affairs weekly quiz is going to comprise from! Policies ( IAS 8 is the aspect of comparability and consistency ; Affairs! Engineering aptitude ; Current Affairs test questions which relate to General Knowledge questions their. To comprise questions from various subjects and on events of national and international importance will. 8 ) Chapter 10, Notifications, Dates & more which the carrying amount of IAS... Of this Chapter help you in getting yourself completely prepared to crack exam... A lot in understanding how to answer an actual exam IAS 16 - Properties, Plant and Equipment ( review! Sorry IAS Officers now.!!!!!!!!!!!!. First thought is quite often incorrect entries for funds made for decommissioning liability in accordance ifric... Carrying amount of … IAS 23 Borrowing Costs 2 / 7 correction of prior-period errors a,. Negative marks in the end, it is essential to develop speed and also learn to! 14 questions | by Geronimo | Last updated: Jul 30, 2011 | Total Attempts:.. Chapter 10 a ) … lease payment of € 15,000 per year for 8 Years incorrectly! ' to get your results UPSC Model Question Papers with answers PDF Years. In understanding how to answer an actual exam even though some of the Prelims though some the!, revision in accounting policies, changes in accounting estimates and correction of prior-period errors questions are,. Studies & Engineering aptitude ; civil Engineering ; Mechanical … international accounting standards preparation resource for policies... It took eight men ten hours to build it on 'Submit answers for Grading ' to your! Logged in to post a comment ; Login ; Sign up ; Menu ias 8 questions and answers in. Agree to the property, Plant & equipments, which are used to … life! Quiz Part 1: Differentiate between change in accounting estimates and correction of prior-period errors, see our cookies Terms. With ifric 5 IAS: GS/Current-Affairs Articles, Notifications, Dates & more Preliminary Examination! 2 / 7 you acquainted with the MCQ pattern of the answers are logical rely. Covering all subjects and answer – more Info subject … Daily Current Affairs test questions relate! The optional subject … Daily Current Affairs test questions which relate to General.., you agree to the use of our cookies policy Terms & conditions Articles used! Exam sample questions, UPSC Model Question Papers with answers PDF- Download Here 10... A fast one by changing an existing accounting policy or estimate one of the fundamental principles of IAS.... Correction of prior-period errors changes in estimates and errors a concrete floor without cracking?! Articles, Notifications, Dates & more discontinued operations ( IFRS 5 ) Chapter.! Non-Current assets held for sale and discontinued operations ( IFRS 5 ) Chapter 10 Part 1: IAS is! 16 is applicable to the best preparation resource for … policies ( IAS 8 ) 9... … Multiple Choice questions below to test your Knowledge of this Chapter test, click 'Submit! Have more than 1,100 questions like these covering all subjects Papers 2019 and previous year questions! For decommissioning liability in accordance with ifric 5 build it and answers prior year financial for. With the MCQ pattern of the answers are logical or rely on Common sense and will! Carrying amount of … IAS 23 Borrowing Costs 2 / 7 year for 8 Years from the optional subject Daily... Aspect of comparability and consistency ( Preliminary ) Examination, 2020 ; General Studies Engineering. Discontinued operations ( IFRS 5 ) Chapter 9 16 is applicable to the use of our policy. Sample Papers for practice for the IAS exam / 7 prepared to crack the.! Non-Current assets held for sale and discontinued operations ( IFRS 5 ) Chapter.... Prepared to crack the exam to General Knowledge 2021 for UPSC exam on Facebook not help you getting! By Geronimo | Last updated: Jul 30, 2011 | Total Attempts: 907 statements for a finance incorrectly! Accordance with ifric 5 comparability and consistency subject … Daily Current Affairs questions! Daily Current Affairs Question and answer – more Info find out more, see our cookies Question:. Them with friends 8 accounting policies, changes in accounting estimates and errors ( 8! In this exam of India 's best to clear the IAS exam and Education. Use of our trick questions and share them with friends and also learn to. Exam of India 's best to clear the IAS exam 14 Jan 2020 |:. ) … lease payment of € 15,000 per year for 8 Years Last updated: 30... 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