'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 22

B. AS 21

C. AS 18

D. AS 17

Answer: Option B

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

The term 'Imprest Money' is related to:

A. Overdraft

B. Petty cash

C. Fixed deposit

D. Cash credit

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Correct Answer: Option B

Explanation:
Imprest system is used to maintain petty cash.

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Question #2

The 'Faceless Appeal' scheme under income tax was introduced by:

A. Finance Act, 2019

B. Finance Act, 2018

C. Finance Act, 2020

D. Finance Act, 2021

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Correct Answer: Option C

Explanation:
Faceless appeal scheme was introduced in 2020 to impart transparency.

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Question #3

The Indian Financial Management System (IFMS) integrates:

A. Expenditure, receipts, and debt management

B. Only pension payments

C. Only state government accounts

D. Only receipts

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Correct Answer: Option A

Explanation:
IFMS is a comprehensive system covering all aspects of government financial management including budget, expenditure, receipts, and debt.

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