The 'Consolidation Procedure' under AS 21 requires: MCQ with Answer and Explanation

Question

Share Report Error

The 'Consolidation Procedure' under AS 21 requires:

A. Only adding profits

B. Line by line adding of like items of assets, liabilities, income, expenses

C. Only adding assets

D. Ignoring subsidiary's data

Answer: Option B

Solution (By JKSSB Mock Tests)

Consolidation combines similar items and eliminates intra-group transactions.

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 'Input Service Distributor' (ISD) is a concept under GST to:

A. Distribute input tax credit of services to branches

B. Pay tax on behalf of others

C. File returns

D. Distribute goods

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
ISD distributes credit of input services to its units.

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

Question #2

A company issued 10,000 shares of ₹10 each at par, payable ₹2 on application, ₹3 on allotment, ₹5 on call. A shareholder holding 500 shares failed to pay call money. Calls-in-arrears amount is:

A. ₹2,500

B. ₹1,000

C. ₹5,000

D. ₹1,500

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Call money unpaid = 500 shares * ₹5 = ₹2,500.

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

Question #3

The 'Anti-Dumping Duty' is imposed to:

A. Reduce customs duty

B. Increase imports

C. Promote exports

D. Protect domestic industry from cheap imports sold below normal value

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Anti-dumping duty is a trade remedy measure.

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

Explore All Accountancy and Book Keeping MCQs