The 'Agriculture' (Ind AS 41) requires biological assets to be measured at: MCQ with Answer and Explanation

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The 'Agriculture' (Ind AS 41) requires biological assets to be measured at:

A. Net realisable value

B. Historical cost

C. Fair value less costs to sell

D. Cost

Answer: Option C

Solution (By JKSSB Mock Tests)

Ind AS 41 mandates fair value measurement for biological assets.

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

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Capital Budgeting falls under which type of financial management decision?

A. Long-term Investment Decision

B. Dividend Decision

C. Financing Decision

D. Short-term Investment Decision

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Correct Answer: Option A

Explanation:
Capital budgeting is the process of evaluating and selecting long-term investments that are consistent with the firm's goal of wealth maximization.

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Question #2

The 'Audit Risk' is composed of:

A. Only inherent risk

B. Business risk and financial risk

C. Only detection risk

D. Inherent risk, control risk, detection risk

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Correct Answer: Option D

Explanation:
Audit risk = Inherent risk × Control risk × Detection risk.

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Question #3

The 'Annual Information Statement' (AIS) under Income Tax provides:

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Correct Answer: Option A

Explanation:
AIS consolidates information like TDS, TCS, interest, dividends, share transactions, etc.

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