'AS 22' covers: MCQ with Answer and Explanation

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'AS 22' covers:

A. Earnings per share

B. Accounting for Taxes on Income

C. Borrowing costs

D. Impairment of assets

Answer: Option B

Solution (By JKSSB Mock Tests)

AS 22 deals with deferred tax and current tax.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The 'Prevention of Money Laundering Act' (PMLA) in India requires reporting of:

A. GST filings

B. Tax payments

C. Suspicious transactions

D. All cash transactions

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Correct Answer: Option C

Explanation:
PMLA requires financial institutions to report suspicious transactions to the Financial Intelligence Unit.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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The 'GST Refund' for exporters is processed through:

A. RFDD-01 form on GST portal

B. Income tax portal

C. Bank

D. Manual application only

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Correct Answer: Option A

Explanation:
Refund application is filed electronically in Form GST RFD-01.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

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The 'Machine Hour Rate' method of depreciation is suitable when:

A. Wear and tear is mainly due to usage

B. Asset is small

C. Asset is idle

D. Asset usage varies with time

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Correct Answer: Option A

Explanation:
Machine hour rate ties depreciation to actual hours used, reflecting wear and tear.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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