Ind AS 116 deals with: MCQ with Answer and Explanation

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Ind AS 116 deals with:

A. Leases

B. Financial Instruments

C. Income Taxes

D. Revenue from Contracts

Answer: Option A

Solution (By JKSSB Mock Tests)

Ind AS 116, corresponding to IFRS 16, sets out principles for recognition, measurement, presentation, and disclosure of leases.

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

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Question #1

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The 'Related Party Disclosures' standard is:

A. AS 19

B. AS 21

C. AS 17

D. AS 18

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Correct Answer: Option D

Explanation:
AS 18 requires disclosure of transactions with related parties.

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Question #2

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The 'Accounting Voucher' is prepared on the basis of:

A. Trial balance

B. Final accounts

C. Supporting vouchers

D. Ledger accounts

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Correct Answer: Option C

Explanation:
Accounting vouchers (debit/credit/transfer) are prepared from source documents.

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Question #3

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The 'Faceless Penalty' scheme under income tax was introduced in:

A. 2019

B. 2017

C. 2021

D. 2020

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Correct Answer: Option C

Explanation:
Faceless penalty scheme was launched in 2021 to impart transparency.

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