The 'ASB' stands for: MCQ with Answer and Explanation

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The 'ASB' stands for:

A. Audit and Standards Bureau

B. Accounting Standards Board of ICAI

C. Auditing Standards Board

D. Accounting Standards Bureau

Answer: Option B

Solution (By JKSSB Mock Tests)

ASB is Accounting Standards Board, constituted by ICAI to formulate accounting standards.

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

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Question #1

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If an asset is purchased and a post-dated cheque is given, the transaction is immediately recorded in:

A. Journal Proper

B. Purchase Book

C. Cash Book

D. Sales Book

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Correct Answer: Option A

Explanation:
Until the post-dated cheque becomes currently payable, the transaction is treated as credit and recorded in the Journal Proper.

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

Question #2

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The 'Discount Rate' for measuring defined benefit obligation under Ind AS 19 is determined by reference to:

A. Fixed rate

B. Market yields on government bonds at the reporting date

C. Incremental borrowing rate

D. Expected return on plan assets

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Correct Answer: Option B

Explanation:
The discount rate reflects the time value of money; usually based on high-quality corporate bonds or government bonds.

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Question #3

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Which of the following is typically maintained using the imprest system?

A. Petty Cash Book

B. Sales Ledger

C. Main Cash Book

D. Purchase Day Book

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Correct Answer: Option A

Explanation:
The Petty Cash Book uses the imprest system where a fixed float is maintained and actual expenses are reimbursed periodically.

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