1. When did ICAI set-up the plan for the efficient implementation of IFRS in India
A. 2009
B. 2010
C. 2011
D. None of the above

2. What does the cost of goods comprises of as per AS-2
A. cost of purchase
B. cost of conversion
C. other cost necessary to bring the inventory in present location
D. All of the above

3. What circumstances are provided exemptions under IFRS 1
A. A subsidiary becomes a first-time adopter later than its parent
B. An entity becomes a first-time adopter later than its subsidiary
C. Both of the above
D. None of the above

4. Which term refers to one's right to receive cash, other assets, or equity instrument when preexistence conditions are met
A. Share-based payment transaction
B. equity-settled share-based payments
C. Vesting
D. None of the above

5. What are the key elements of a business as per the application guidance to IFRS 3
A. Input
B. Output
C. Process applied to inputs that together can be used to create
D. All of the above

Answers:      1 (B), 2 (D), 3 (C), 4 (C), 5 (D)

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