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Important Questions

Accounting Standards and IFRS

ICSE · Class 11 · Accountancy

Most important questions from Accounting Standards and IFRS for ICSE Class 11 Accountancy board exam 2026. MCQs, short answer, and long answer questions with marks.

64 questions38 flashcards5 concepts

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64 Questions·
multiple choicemultiple correct

Sample Questions

1multiple choice
3 marks

An enterprise has three inventory items with costs and net realisable values as follows: Item A cost 12,000 rupees and NRV 11,000 rupees; Item B cost 8,000 rupees and NRV 9,500 rupees; Item C cost 15,000 rupees and NRV 14,200 rupees. What is the total value of inventory under AS-2?

Show answer

33,200 rupees

Each item is valued at the lower of cost and NRV. Item A = 11,000 rupees, Item B = 8,000 rupees, Item C = 14,200 rupees. Total = 11,000 + 8,000 + 14,200 = 33,200 rupees.

2multiple choice
3 marks

A business has an asset with historical cost 150,000 rupees, expected useful life 10 years, and residual value 30,000 rupees. What is the annual depreciation under the straight line method?

Show answer

12,000 rupees

Depreciable amount = 150,000 - 30,000 = 120,000 rupees. Annual depreciation = 120,000 / 10 = 12,000 rupees.

3multiple choice
3 marks

An asset costing 80,000 rupees has a useful life of 4 years and residual value of 16,000 rupees. If depreciation is charged equally each year, what is the depreciation per year?

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16,000 rupees

Depreciable amount = 80,000 - 16,000 = 64,000 rupees. Equal yearly charge = 64,000 / 4 = 16,000 rupees.

4multiple choice
3 marks

A company holds two inventories. Stock X has cost 27,000 rupees and NRV 29,000 rupees. Stock Y has cost 18,000 rupees and NRV 16,500 rupees. What is the total inventory value under AS-2?

Show answer

43,500 rupees

Stock X is valued at 27,000 rupees because cost is lower than NRV. Stock Y is valued at 16,500 rupees because NRV is lower than cost. Total = 27,000 + 16,500 = 43,500 rupees.

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Frequently Asked Questions

What are the important topics in Accounting Standards and IFRS for ICSE Class 11 Accountancy?
Accounting Standards and IFRS covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Accounting Standards and IFRS — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 64 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.
How many important questions are there in Accounting Standards and IFRS?
There are 64 practice questions available for Accounting Standards and IFRS. These cover multiple question types including MCQs, short answer, and long answer questions.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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