The accounting standard dealing with Property, Plant and Equipment (PPE) is: MCQ with Answer and Explanation

Question

Share Report Error

The accounting standard dealing with Property, Plant and Equipment (PPE) is:

A. AS 26

B. AS 2

C. AS 10

D. AS 9

Answer: Option C

Solution (By JKSSB Mock Tests)

AS 10 regulates the accounting for Property, Plant, and Equipment, covering recognition, measurement, and depreciation.

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

A 'Change in Accounting Estimate' is applied:

A. Prospectively

B. Retrospectively

C. Adjusting opening reserves

D. With restatement

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

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

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

Question #2

PFMS facilitates 'Just-in-Time' release of funds. This means:

A. Funds are released annually

B. Funds are released when required, minimising idle balances

C. Funds are never released

D. Funds are released in advance

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Just-in-Time in PFMS reduces float and improves cash management for government.

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

Question #3

If a company changes its depreciation method from Straight Line to Written Down Value to manipulate profits, which accounting convention is violated?

A. Materiality

B. Conservatism

C. Full Disclosure

D. Consistency

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
The convention of Consistency requires that accounting policies remain unchanged from one period to another to allow valid comparisons.

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

Explore All Accountancy and Book Keeping MCQs