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

Question

Share Report Error

The accounting standard AS-9 primarily deals with:

A. Depreciation Accounting

B. Revenue Recognition

C. Inventory Valuation

D. Accounting for Fixed Assets

Answer: Option B

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

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 'Monetary Policy Committee' (MPC) in India decides the:

A. Repo rate and other monetary policy instruments

B. Tax rates

C. Budget allocation

D. Fiscal deficit target

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
MPC is responsible for setting the policy repo rate to achieve inflation target.

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

Question #2

Which of the following is a 'Liability of a Partner' in a general partnership?

A. Unlimited

B. Limited to his capital

C. Only for his own acts

D. Limited to firm's assets

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
In a general partnership, all partners have unlimited joint and several liability.

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

Question #3

A 'Change in Accounting Estimate' is applied:

A. Retrospectively

B. Adjusting opening reserves

C. With restatement

D. Prospectively

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Changes in accounting estimates are recognized prospectively in current and future periods.

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

Explore All Accountancy and Book Keeping MCQs