'Revenue from Contracts with Customers' is covered under: MCQ with Answer and Explanation

Question

Share Report Error

'Revenue from Contracts with Customers' is covered under:

A. AS 7

B. Ind AS 115

C. AS 9

D. Ind AS 109

Answer: Option B

Solution (By JKSSB Mock Tests)

Ind AS 115 provides a comprehensive framework for revenue recognition.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'Standard Deduction' for family pension under the new tax regime is:

A. ₹50,000

B. ₹15,000 or one-third of pension, whichever is less

C. Not allowed

D. ₹25,000

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Family pension deduction is available under both regimes at ₹15,000 or 1/3rd of pension, whichever is less.

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

Question #2

Which of the following is a 'Money Bill' in India?

A. Bill on labor reforms

B. Finance Bill dealing with taxes

C. Bill on education

D. Bill for amendment of Companies Act

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Finance Bill is a Money Bill as it deals with taxation and government expenditure.

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

Question #3

The 'Contract Costs' under Ind AS 115 include:

A. Only direct labour

B. Incremental costs of obtaining a contract and costs to fulfil a contract that are not covered by other standards

C. Only material

D. All costs

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Incremental costs (like sales commissions) are capitalised if expected to be recovered.

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

Explore All Accountancy and Book Keeping MCQs