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Indian Accounting Standards (Ind-AS) Quiz

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Indian Accounting Standards (Ind-AS) Quiz

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Questions and Answers

What is the abbreviation for Indian Accounting Standard?

The abbreviation for Indian Accounting Standard is Ind-AS.

When was the Accounting Standards Board (ASB) constituted?

The Accounting Standards Board (ASB) was constituted as a body in the year 1977.

What is the role of National Financial Reporting Authority (NFRA) in relation to Ind AS?

National Financial Reporting Authority (NFRA) recommends these standards to the Ministry of Corporate Affairs (MCA).

How many Ind AS has the Ministry of Corporate Affairs (MCA) notified?

As on date, MCA has notified 40 Ind AS (Ind AS 11 is omitted by companies). Signup and view all the answers

To which companies do the Ind AS apply and from which financial year?

The Ind AS shall be applied to the companies voluntarily from the financial year 2015-16. Signup and view all the answers

What is the purpose of an inventory control system in ecommerce businesses?

The purpose of an inventory control system in ecommerce businesses is to ensure the right stock is available at the right time to fulfill customer demands, lower the cost of goods sold, and increase sales by having stock on hand to fill orders. Signup and view all the answers

How does an accurate inventory count system contribute to a business's profitability?

An accurate inventory count system contributes to a business's profitability by lowering the cost of goods sold and increasing sales. Signup and view all the answers

What does an inventory control system manage and track within a company's supply chain?

An inventory control system manages and tracks a company's goods through the supply chain, integrating and managing purchasing, shipping, receiving, warehousing, and returns into a single system. Signup and view all the answers

What are the benefits of an inventory control system for businesses?

The benefits of an inventory control system for businesses include streamlining and automating the inventory management process, ensuring the right stock is available at the right time, and increasing overall profitability. Signup and view all the answers

Define an inventory control system.

An inventory control system is a technology solution that manages and tracks a company's goods through the supply chain, integrating and managing purchasing, shipping, receiving, warehousing, and returns into a single system. Signup and view all the answers

Study Notes

Accounting Standards

Indian Accounting Standard is abbreviated as Ind AS.
The Accounting Standards Board (ASB) was constituted in 1977.
National Financial Reporting Authority (NFRA) ensures compliance with Ind AS and maintains quality of service of auditors.

Ind AS Application

The Ministry of Corporate Affairs (MCA) has notified 39 Ind AS.
Ind AS applies to companies with a net worth of ₹500 crore or more, and to all listed companies, unlisted companies having a net worth of ₹250 crore or more, and all banks and insurance companies, effective from the financial year 2017-18.

Inventory Control System

An inventory control system is a set of policies and procedures that manage and track inventory levels, ensuring the right products are in stock.
The purpose of an inventory control system in ecommerce businesses is to manage and track inventory levels, enabling efficient order fulfillment and minimizing stockouts.
An accurate inventory count system contributes to a business's profitability by reducing stockouts, overstocking, and lost sales.
An inventory control system manages and tracks inventory levels, orders, and shipments within a company's supply chain.
The benefits of an inventory control system for businesses include reduced stockouts, overstocking, and lost sales, as well as improved supply chain efficiency and customer satisfaction.

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Description

Test your knowledge of Indian Accounting Standards (Ind-AS) with this quiz. Explore the standards adopted by companies in India, issued under the supervision of the Accounting Standards Board (ASB). Delve into the regulatory framework and principles governing financial reporting, as well as the role of the ASB under the Institute of Chartered Accountants of India (ICAI).