'Consolidated Financial Statements' are prepared as per: MCQ with Answer and Explanation

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'Consolidated Financial Statements' are prepared as per:

A. AS 21

B. AS 18

C. AS 17

D. AS 22

Answer: Option A

Solution (By JKSSB Mock Tests)

AS 21 deals with consolidation procedures.

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

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Question #1

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An account in the ledger has a debit total of Rs 10,000 and a credit total of Rs 8,000. It is said to have a:

A. Credit balance of Rs 2,000

B. Credit balance of Rs 18,000

C. Debit balance of Rs 18,000

D. Debit balance of Rs 2,000

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Correct Answer: Option D

Explanation:
The balance is the difference between the sides. Since the debit side is heavier by Rs 2,000, it is a debit balance.

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

Question #2

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The 'Reverse Charge Mechanism' under GST means:

A. Tax is deferred

B. Tax is paid by the recipient of supply

C. Tax is paid by the supplier

D. Tax is exempt

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Correct Answer: Option B

Explanation:
Under reverse charge, the liability to pay GST shifts from the supplier to the recipient.

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Question #3

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Under the straight-line method of depreciation, the depreciation amount:

A. Increases every year

B. Is based on usage

C. Remains constant every year

D. Decreases every year

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Correct Answer: Option C

Explanation:
Straight-line method charges equal amount of depreciation each year over the useful life of the asset.

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