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

Question
'Consolidated Financial Statements' are prepared as per:
A. AS 21
B. AS 17
C. AS 18
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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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Budgetary Control' system involves: 1. Establishment of budgets, 2. Continuous comparison of actuals with budgets, 3. Taking corrective action, 4. Performance evaluation. Which of these are essential elements?
A. 1, 2, 3 and 4
B. 1 and 2 only
C. 2 and 4 only
D. 1, 2 and 3 only
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Correct Answer: Option A

Explanation:
All four are integral parts of budgetary control.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Revenue expenditure is intended to benefit:
A. Both current and future periods
B. Current period only
C. Future periods
D. None
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Correct Answer: Option B

Explanation:
Revenue expenditure benefits only the current accounting period and is charged to income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Investor Education and Protection Fund' (IEPF) is established under:
A. Companies Act, 2013
B. Income Tax Act
C. SEBI Act
D. RBI Act
Discuss
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Correct Answer: Option A

Explanation:
IEPF is constituted under Section 125 of Companies Act, 2013.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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