'Intangible Assets' are covered by: MCQ with Answer and Explanation

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'Intangible Assets' are covered by:

A. AS 26

B. AS 2

C. AS 28

D. AS 10

Answer: Option A

Solution (By JKSSB Mock Tests)

AS 26 deals with recognition, measurement, and disclosure of intangible assets.

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

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Question #1

If a factory uses standard costing, the Material Price Variance is calculated as:

A. (Standard Quantity - Actual Quantity) * Standard Price

B. (Standard Price - Actual Price) * Standard Quantity

C. (Standard Price - Actual Price) * Actual Quantity

D. Standard Cost - Actual Cost

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Correct Answer: Option C

Explanation:
Material Price Variance isolates the price effect by multiplying the difference in price (Standard - Actual) by the Actual Quantity purchased.

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Question #2

Under Marginal Costing, stock is valued at:

A. Variable Manufacturing Cost

B. Total Cost

C. Fixed Cost

D. Prime Cost

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Correct Answer: Option A

Explanation:
Marginal costing values inventory strictly on variable costs, treating fixed overheads as period costs written off immediately.

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Question #3

A tax levied on a commodity at each stage of production and distribution, based only on the value added at that stage, is characteristic of:

A. Corporate Tax

B. Wealth Tax

C. Income Tax

D. Value Added Tax (VAT) / GST

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Correct Answer: Option D

Explanation:
VAT/GST eliminates the cascading effect by taxing only the value added, utilizing the Input Tax Credit mechanism.

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

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