Match List I with List II

List I

List II

A.

Ind - AS : 1

I.

Provisions, Contingent Liabilities and Contingent Assets

B.

Ind - AS : 29

II.

Consolidated Financial Statements

C.

Ind - AS : 37

III.

Presentation of Financial Statements

D.

Ind - AS : 110

IV.

Financial reporting in Hyperinflationary Economies

Choose the correct answer from the options given below:

This question was previously asked in
UGC NET Paper-2: Commerce 26th Dec 2021 Shift 1
View all UGC NET Papers >
  1. A ‐ lV, B ‐ lll, C ‐ ll, D ‐ l
  2. A ‐ lll, B ‐ lV, C ‐ l, D ‐ ll
  3. A ‐ lll, B ‐ l, C ‐ ll, D ‐ lV
  4. A ‐ lV, B ‐ lll, C ‐ l, D ‐ ll

Answer (Detailed Solution Below)

Option 2 : A ‐ lll, B ‐ lV, C ‐ l, D ‐ ll
Free
UGC NET Paper 1: Held on 21st August 2024 Shift 1
8.8 K Users
50 Questions 100 Marks 60 Mins

Detailed Solution

Download Solution PDF

The correct answer is A ‐ lll, B ‐ lV, C ‐ l, D ‐ ll 

Key Points

List I

List II

A.

Ind - AS : 1

III.

Presentation of Financial Statements

B.

Ind - AS : 29

IV.

Financial reporting in Hyperinflationary Economies

C.

Ind - AS : 37

I.

Provisions, Contingent Liabilities and Contingent Assets

D.

Ind - AS : 110

II.

Consolidated Financial Statements

Important Points

Indian Accounting Standard (Ind AS) 1:

  • This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities.
  • It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content.

Indian Accounting Standard (Ind AS) 29: 

  • This Standard shall be applied to the financial statements, including the consolidated financial statements, of any entity whose functional currency is the currency of a hyperinflationary economy
  • In a hyperinflationary economy, reporting of operating results and financial position in the local currency without restatement is not useful.

Indian Accounting Standard (Ind AS) 37: 

  • The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount.

Indian Accounting Standard (Ind AS) 110:

  • The objective of this Indian Accounting Standard (Ind AS) is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.
Latest UGC NET Updates

Last updated on Jun 6, 2025

-> The UGC NET Exam Schedule 2025 for June has been released on its official website.

-> The UGC NET Application Correction Window 2025 is available from 14th May to 15th May 2025.

-> The UGC NET 2025 online application form submission closed on 12th May 2025.

-> The June 2025 Exam will be conducted from 21st June to 30th June 2025

-> The UGC-NET exam takes place for 85 subjects, to determine the eligibility for 'Junior Research Fellowship’ and ‘Assistant Professor’ posts, as well as for PhD. admissions.

-> The exam is conducted bi-annually - in June and December cycles.

-> The exam comprises two papers - Paper I and Paper II. Paper I consists of 50 questions and Paper II consists of 100 questions. 

-> The candidates who are preparing for the exam can check the UGC NET Previous Year Papers and UGC NET Test Series to boost their preparations.

More Indian Accounting Standards and IFRS Questions

More Financial Statements Analysis Questions

Get Free Access Now
Hot Links: teen patti mastar teen patti octro 3 patti rummy happy teen patti