'Earnings Per Share' is computed under: MCQ with Answer and Explanation

Question

Share Report Error

'Earnings Per Share' is computed under:

A. AS 20

B. AS 21

C. AS 19

D. AS 22

Answer: Option A

Solution (By JKSSB Mock Tests)

AS 20 prescribes the calculation and presentation of EPS.

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

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Question #1

The Consolidated Fund of India is formed by:

A. All revenues received, loans raised, and repayments of loans

B. Only direct taxes

C. Disinvestment proceeds only

D. Only GST collections

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Correct Answer: Option A

Explanation:
Consolidated Fund holds all government receipts, borrowings, and loan recoveries.

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Question #2

Provision for doubtful debts created at the year-end is debited to:

A. Suspense Account

B. Trading Account

C. Sundry Debtors Account

D. Profit & Loss Account

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Correct Answer: Option D

Explanation:
Creating a provision is an expected indirect loss based on conservatism, so it is charged to the Profit and Loss Account.

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Question #3

A 'Clean Report' issued by an auditor is also known as an:

A. Disclaimer of Opinion

B. Adverse Opinion

C. Qualified Opinion

D. Unqualified Opinion

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Correct Answer: Option D

Explanation:
An unqualified opinion indicates the auditor found the financial statements to be free from material misstatements and in accordance with GAAP.

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

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