Deck 2: Business and Accounting Terminology

Question 1

A ______________Accounting signifies the activities related to the conservation of Environment.

A)Inflation
B)Human Resource
C)Environment
D)Forensic

Answer 1

Environment

Question 2

The main elements of environmental accounting are______________________.

A)Environmental Conservation costs and activities and environmental benefits
B)Environmental activities and environmental benefits
C)Environmental conversion costs and environmental benefits
D)None of the above

Answer 2

Environmental Conservation costs and activities and environmental benefits

Question 3

What is the classical view of management's social responsibility?

A)To create specific environment in work place
B)To maximize profit
C)To protect and improve society's welfare
D)All of the above

Answer 3

To maximize profit

Question 4

_____________ establishes the principles that an entity applies when reporting information about the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer.

A)IFRS 18
B)IFRS 14
C)IFRS 15
D)IFRS 17

Question 5

The objective of _________ is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.

A)Ind AS 115
B)Ind AS 100
C)Ind AS 110
D)Ind AS 114

Question 6

_________is about the measurement of the items in the consolidated financial statements, such as goodwill, non-controlling interest, etc.

A)IFRS 4
B)IFRS 10
C)IFRS 9
D)IFRS 3

Question 7

Goodwill on amalgamation can rise only if ________Method is followed.

A)Valuation
B)Percentage
C)Purchase
D)Merger

Question 8

_____________ is the process of significantly changing a company's business model, management team or financial structure to address challenges and increase shareholder value.

A)Corporate restructuring
B)Corporate reporting
C)Amalgamation
D)Reconstruction

Question 9

A merger of two or more companies that compete in the same industry.

A)Horizontal
B)Conglomerate
C)Vertical
D)None of the above

Question 10

Merger where two companies are in the same or related industries but do not offer the same products, but related products and may share similar distribution channels, providing synergies for the merger is known as ____________ Merger.

A)Horizontal
B)Co generic
C)Vertical
D)Conglomerate

Question 11

A form of corporate restructuring in which the entity's business operations are segregated into one or more components is known as __________________.

A)Horizontal
B)Disinvestment
C)Demerger
D)Takeover

Question 12

When one company takes over the management of the target company with the permission of the board, it is known as ________________ takeover.

A)Friendly
B)Hostile
C)Acquiring
D)Disinvestment

Question 13

Any agreement between two or more parties to collaborate with each other, in order to achieve certain objectives while continuing to remain independent organizations is called _______________.

A)Strategic alliance
B)Franchising
C)Joint Venture
D)Disinvestment

Question 14

________________accounting is the process by which companies and organizations record the financial impact of agreements to rent or finance the rights to use specific assets.

A)Corporate
B)Responsibility
C)Green
D)Lease

Question 15

A ______________ is defined as an entity that provides the right to use an asset for a period of time in exchange for consideration.

A)Contractor
B)lessor
C)Lessee
D)None of the above

Question 16

____________ is the estimated remaining period, from the commencement of the lease term, without limitation by the lease term, over which the economic benefits embodied in the asset are expected to be consumed by the entity.

A)Economic Life
B)Useful Life
C)Fair value
D)None of the above

Question 17

______________ is a term used in the field of accounting which measures the environmental and natural resources accounting, which tends to incorporate the natural and environmental assets of the firm and it's resources.

A)Social Accounting
B)Green Accounting
C)Inflation Accounting
D)None of the above

Question 18

_________ highlights both the contribution of business enterprises to economic wellbeing and the costs imposed in the form of pollution or resource degradation.

A)Social Accounting
B)Environmental Accounting
C)Inflation Accounting
D)None of the above

Question 19

_______________ is concerned with the development of measurement system to monitor social performance.

A)Social Accounting
B)Environmental Accounting
C)Inflation Accounting
D)None of the above

Question 20

__________ is the method were all assets and liabilities are recorded on a balance sheet according to the cost of replacing them rather than their historical costs.

A)Replacement Cost Accounting
B)Current Value
C)Current Cost Accounting
D)None of the above

Question 21

___________ acts as an evidence of social commitment.

A)Social Accounting
B)Environmental Accounting
C)Inflation Accounting
D)None of the above