The difference between the old ratio of the partners and his new ratio upon the admission of a new partner is called:

• A) Sacrifice ratio
• B) Declined ratio
• C) Improved ratio
• D) Profit ratio

Which of the following is/are related to the IAS-37?

• A) Contingent Liabilities
• B) Provisions
• C) All of the given options
• D) Contingent Assets

Which of the following IAS covers the treatment and recognition of Contingent Liabilities?

• A) IAS 38
• B) IAS 39
• C) IAS 37
• D) IAS 33

Which of the following is/are equal to “Capital”?

• A) Assets – Liabilities
• B) All of the given options
• C) Net worth of the firm
• D) Net Assets

Which of the following is/are represent(s) the “Losses” with respect to the IASB’s Framework?

• A) All of the given options
• B) Disposal of assets at a value lesser than its carrying amount
• C) Discharge of liabilities at a value higher than its carrying amount
• D) Disposal of assets at a value lesser than its book amount

With respect to IAS 10, a major business takeover after the balance sheet date or disposing of a major subsidiary is considered as which of the following Adjusting Event?

• A) Contingent Event
• B) Bogus Event
• C) Adjusting Event
• D) Non-Adjusting Event

Which of the following is/are the event/s after the balance sheet date with respect to IAS 10?

• A) Adjusting events only
• B) Both Adjusting and Non-adjusting events
• C) None of the given options
• D) Non-adjusting events only

Which of the following option is TRUE about the Draft Financial Statements?

• A) Draft statements are put in front of the Board of Directors for approval
• B) All of the given options
• C) Draft statements are prepared by the accounts department
• D) Draft statements are audited by the external auditors

Which of the following is/are represent the “Gains” with respect to the IASB’s Framework?

• A) Disposal of assets at a value higher than its book value
• B) All of the given options
• C) Disposal of assets at a value higher than its carrying amount
• D) Discharge of liabilities at a value lessor than its carrying amount

With respect to IAS 10, business announcing a plan to discontinue an operation after the balance sheet dates is considered as which of the following?

• A) Contingent Event
• B) Non-Adjusting Event
• C) Bogus Event
• D) Adjusting Event

Which of the following consist of money owing for goods supplied to the firm and for expenses & loans?

• A) Capital
• B) Asset
• C) Income
• D) Liability

Which of the following is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the control of the entity?

• A) Current asset
• B) Floating asset
• C) Fixed asset
• D) Contingent asset

Which of the following statement shows the financial position of the business?

• A) Balance Sheet
• B) Cash Flows Statement
• C) Statement of Owner's equity
• D) Income Statement