In the context of recent developments, Ind-AS 116 deals with: MCQ with Answer and Explanation

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In the context of recent developments, Ind-AS 116 deals with:

A. Leases

B. Revenue from Contracts with Customers

C. Financial Instruments

D. Fair Value Measurement

Answer: Option A

Solution (By JKSSB Mock Tests)

Ind-AS 116 is the Indian Accounting Standard that deals with the recognition, measurement, presentation, and disclosure of leases.

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

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Question #1

In financial statement analysis, the current ratio is calculated as:

A. Current assets / Current liabilities

B. Quick assets / Current liabilities

C. Total assets / Total liabilities

D. Current liabilities / Current assets

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Correct Answer: Option A

Explanation:
Current ratio = Current assets / Current liabilities, measuring short-term liquidity.

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Question #2

In government accounting, 'Consolidated Fund' refers to:

A. All revenues and loans raised by government

B. Funds of public sector units

C. Funds for emergency

D. Public provident fund

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Correct Answer: Option A

Explanation:
Consolidated Fund of India includes all revenues, loans, and repayments, from which all expenditure is met.

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Question #3

The 'Cost of Goods Sold' in a manufacturing company includes:

A. Selling expenses

B. Total manufacturing cost adjusted for WIP

C. Only direct material

D. Prime cost

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Correct Answer: Option B

Explanation:
COGS for manufacturer = Opening finished goods + Cost of production - Closing finished goods. Cost of production = total manufacturing cost + opening WIP - closing WIP.

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