The accounting standard AS-9 primarily deals with: MCQ with Answer and Explanation

Question
The accounting standard AS-9 primarily deals with:
A. Revenue Recognition
B. Accounting for Fixed Assets
C. Inventory Valuation
D. Depreciation Accounting
Answer: Option A
Solution (By JKSSB Mock Tests)
AS-9 issued by ICAI lays down the conditions and guidelines for recognizing revenue arising from ordinary business activities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Limited Liability Partnership' (LLP) is governed by:
A. Partnership Act, 1932
B. Companies Act, 2013
C. Indian Contract Act
D. Limited Liability Partnership Act, 2008
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Correct Answer: Option D

Explanation:
LLP is a separate legal entity governed by LLP Act, 2008.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Petty Cash Book is maintained under:
A. Single entry system
B. Cash basis only
C. Imprest system
D. Mercantile system
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Correct Answer: Option C

Explanation:
Petty cash is often maintained on imprest system, where a fixed amount is kept for small expenses and replenished periodically.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A: A current ratio of 2:1 is generally considered ideal. R: It indicates that current assets are twice the current liabilities, ensuring good short-term liquidity. Choose the correct option.
A. A is true but R is false
B. Both A and R are true and R is the correct explanation of A
C. Both A and R are true but R is NOT the correct explanation of A
D. A is false but R is true
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Correct Answer: Option B

Explanation:
A current ratio of 2:1 is a standard benchmark for short-term solvency. It means the firm has double the current assets to cover its current liabilities, providing a safety margin. R correctly explains A.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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