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Deputy Accounts Manager - Kerala Water Authority — Kerala PSC PYQ Practice with Answers

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PG LevelKerala Water Authority2025English
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  • Paper code: 97-2025-ol
  • Format: Full previous year paper — PYQ practice with answers

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Question 1 Financial Accounting
Consider the following statements on IFRS. You are requested to identify the wrong one
  1. A. It contains only those standards issued by IASB
  2. B. It contains frame work for the preparation and presentation of financial statement - 1989
  3. C. IFRS contains broad rules and specific treatments which are principle based
  4. D. It includes International Accounting Standards issued by the IAS

Correct answer: A. It contains only those standards issued by IASB

Correct answer (Option A):\nInternational Financial Reporting Standards (IFRS) encompass a broader body of pronouncements than just those initially published by the International Accounting Standards Board (IASB). It also incorporates International Accounting Standards (IAS) originally drafted by the International Accounting Standards Committee (IASC), alongside interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC). Thus, stating that it contains only standards issued by the IASB is incorrect.\n\nWhy others are wrong:\nOption B is correct because the historical conceptual framework for preparing and presenting statements dates back to 1989. Option C is correct as IFRS is widely recognized for being principle-based rather than rule-based. Option D is correct because prior International Accounting Standards are adopted under the comprehensive umbrella of IFRS.\n\nStudy tip:\nRemember that IFRS includes four main components: IFRS standards, IAS standards, IFRIC interpretations, and SIC interpretations.
Question 1 Financial Accounting
Consider the following statements on IFRS. You are requested to identify the wrong one
  1. A. It contains only those standards issued by IASB
  2. B. It contains frame work for the preparation and presentation of financial statement - 1989
  3. C. IFRS contains broad rules and specific treatments which are principle based
  4. D. It includes International Accounting Standards issued by the IAS

Correct answer: A. It contains only those standards issued by IASB

Correct answer (Option A):\nInternational Financial Reporting Standards (IFRS) encompass a broader body of pronouncements than just those initially published by the International Accounting Standards Board (IASB). It also incorporates International Accounting Standards (IAS) originally drafted by the International Accounting Standards Committee (IASC), alongside interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC). Thus, stating that it contains only standards issued by the IASB is incorrect.\n\nWhy others are wrong:\nOption B is correct because the historical conceptual framework for preparing and presenting statements dates back to 1989. Option C is correct as IFRS is widely recognized for being principle-based rather than rule-based. Option D is correct because prior International Accounting Standards are adopted under the comprehensive umbrella of IFRS.\n\nStudy tip:\nRemember that IFRS includes four main components: IFRS standards, IAS standards, IFRIC interpretations, and SIC interpretations.
Question 1 Financial Accounting
Consider the following statements on IFRS. You are requested to identify the wrong one
  1. A. It contains only those standards issued by IASB
  2. B. It contains frame work for the preparation and presentation of financial statement - 1989
  3. C. IFRS contains broad rules and specific treatments which are principle based
  4. D. It includes International Accounting Standards issued by the IAS

Correct answer: A. It contains only those standards issued by IASB

Correct answer (Option A):\nInternational Financial Reporting Standards (IFRS) encompass a broader body of pronouncements than just those initially published by the International Accounting Standards Board (IASB). It also incorporates International Accounting Standards (IAS) originally drafted by the International Accounting Standards Committee (IASC), alongside interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC). Thus, stating that it contains only standards issued by the IASB is incorrect.\n\nWhy others are wrong:\nOption B is correct because the historical conceptual framework for preparing and presenting statements dates back to 1989. Option C is correct as IFRS is widely recognized for being principle-based rather than rule-based. Option D is correct because prior International Accounting Standards are adopted under the comprehensive umbrella of IFRS.\n\nStudy tip:\nRemember that IFRS includes four main components: IFRS standards, IAS standards, IFRIC interpretations, and SIC interpretations.
Question 2 Financial Accounting
Consider the statements on The National Financial Reporting Authority. Identify the statement that is correct
  1. A. It is an authority constituted by the ICAI to look after the financial audit and reporting standards
  2. B. It is the new authority constituted by the Central Government to formulate accounting standards in India
  3. C. It is the new name of Accounting Standard Board of India
  4. D. It is to recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government

Correct answer: D. It is to recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government

Correct answer (Option D):\nThe National Financial Reporting Authority (NFRA) is an independent regulatory body established under Section 132 of the Companies Act, 2013. One of its primary responsibilities is to make recommendations to the Central Government regarding the formulation and adoption of accounting and auditing policies and standards for companies in India.\n\nWhy others are wrong:\nOption A is wrong because NFRA is a statutory body corporate established by the Central Government, not an arm or authority constituted by the ICAI. Option B is incomplete as NFRA does not merely formulate standards on its own but recommends them to the government and oversees compliance. Option C is wrong because the Accounting Standards Board (ASB) remains a separate entity under ICAI, though NFRA now acts as the overarching independent regulator.\n\nStudy tip:\nNFRA was brought into effect in 2018 to enhance corporate governance and audit quality following major financial scams, taking independent oversight away from the profession self-regulation.
Question 2 Financial Accounting
Consider the statements on The National Financial Reporting Authority. Identify the statement that is correct
  1. A. It is an authority constituted by the ICAI to look after the financial audit and reporting standards
  2. B. It is the new authority constituted by the Central Government to formulate accounting standards in India
  3. C. It is the new name of Accounting Standard Board of India
  4. D. It is to recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government

Correct answer: D. It is to recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government

Correct answer (Option D):\nThe National Financial Reporting Authority (NFRA) is an independent regulatory body established under Section 132 of the Companies Act, 2013. One of its primary responsibilities is to make recommendations to the Central Government regarding the formulation and adoption of accounting and auditing policies and standards for companies in India.\n\nWhy others are wrong:\nOption A is wrong because NFRA is a statutory body corporate established by the Central Government, not an arm or authority constituted by the ICAI. Option B is incomplete as NFRA does not merely formulate standards on its own but recommends them to the government and oversees compliance. Option C is wrong because the Accounting Standards Board (ASB) remains a separate entity under ICAI, though NFRA now acts as the overarching independent regulator.\n\nStudy tip:\nNFRA was brought into effect in 2018 to enhance corporate governance and audit quality following major financial scams, taking independent oversight away from the profession self-regulation.

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