1. Postulates are the; a. Assumptions b. Concepts c. Prerequisites d. All of the above 2. Discount on issue of debentures is; a. Current assets b. Current liability c. Non-Current liability d. None of the above 3. Predictive value and confirmatory value are the components of. a. Relevance b. Faithful representation c. Usefulness d. None of the above 4. At inception lease is recognized as receivables in the books of the lessor. a. Finance b. Operating c. Both d. None of the above 5. The marketing assistance received from the government is an example of a grant that is. a. recorded b. not recorded c. only written in disclosures d. None of the above 6. Company A acquires a 75 percent stake in Company B, what will be the minority stake; a. 10% b. 15% c. 25% d. 75% 7. In case of business combinations the company that is acquired is called. a. subsidiary b. parent c. sold company d. None of the above 8. Under the previous Indian GAAP, preparation of statement of changes in equity was. a. mandatory b. not-required c. optional d. Both b and c 9. A shareholder has... a. Voting rights b. Right to claim during liquidation c. Right to participate in profits d. All of the above 10. Preliminary expenses are the expenses incurred. a. For payment of commission b. At the time of the formation of the company c. On the issue of new shares d. All of the above