'AS 22' covers: MCQ with Answer and Explanation

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'AS 22' covers:

A. Earnings per share

B. Borrowing costs

C. Accounting for Taxes on Income

D. Impairment of assets

Answer: Option C

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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GSTR-1 is a return filed for:

A. Annual consolidated tax

B. TDS deduction

C. Details of outward supplies (sales)

D. Details of inward supplies (purchases)

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Correct Answer: Option C

Explanation:
GSTR-1 is the monthly/quarterly return where regular taxpayers declare their outward supplies (sales) and tax liability.

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

Question #2

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Outstanding expenses in the balance sheet are shown under:

A. Fixed liabilities

B. Current assets

C. Contingent liabilities

D. Current liabilities

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Correct Answer: Option D

Explanation:
Outstanding expenses represent amounts payable within a short period, classified as current liabilities.

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Question #3

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In the context of the Trial Balance, which of the following is correct?

A. It provides a summary of all ledger balances.

B. It is an account in the ledger.

C. It is prepared at the beginning of the year.

D. It proves that no errors have been made.

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Correct Answer: Option A

Explanation:
A Trial Balance is a statement (not an account) that summarizes all ledger balances to check arithmetical accuracy.

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