'Segment Reporting' is governed by: MCQ with Answer and Explanation

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'Segment Reporting' is governed by:

A. AS 18

B. AS 17

C. AS 20

D. AS 19

Answer: Option B

Solution (By JKSSB Mock Tests)

AS 17 requires disclosure of segment-wise information for listed companies and those in the process of listing.

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

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Question #1

A sales book is meant to record:

A. Cash sales of goods

B. All sales of goods

C. Credit sales of goods

D. Sales of assets

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Correct Answer: Option C

Explanation:
Sales book records only credit sales of goods in which the trader deals.

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

Question #2

Interest on capital is calculated on:

A. Capital introduced initially only

B. Average capital

C. Opening capital (with adjustments for additional capital and drawings if specified)

D. Capital at the end of the year

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Correct Answer: Option C

Explanation:
Interest is computed on the opening capital, and if the deed provides, adjustments for additions/withdrawals during the year.

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

Question #3

The 'Internal Financial Controls' reporting is required under:

A. Section 143(3)(i) of Companies Act, 2013

B. CARO 2020

C. Income Tax Act

D. GST Act

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Correct Answer: Option A

Explanation:
Auditor's report must state whether the company has adequate internal financial controls system.

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

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