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

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The 'Consolidation Procedure' under AS 21 requires:

A. Only adding assets

B. Only adding profits

C. Ignoring subsidiary's data

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

Answer: Option D

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

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Question #1

The 'Special Economic Zone' (SEZ) units are considered:

A. Within the customs territory of India

B. Partially inside

C. Like DTA

D. Outside the customs territory of India

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Correct Answer: Option D

Explanation:
SEZ is treated as foreign territory for customs purposes.

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

Question #2

The 'Other Matter' paragraph refers to:

A. Matters other than those presented or disclosed in the financial statements that are relevant to understanding the audit, auditor's responsibilities, or report

B. Qualification

C. Matters already disclosed in financial statements

D. Adverse opinion

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Correct Answer: Option A

Explanation:
Other Matter deals with matters not in the financial statements.

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

Question #3

The 'Vivad se Vishwas' scheme relates to:

A. GST disputes

B. Customs disputes

C. Indirect tax disputes

D. Direct tax disputes

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Correct Answer: Option D

Explanation:
Vivad se Vishwas is a scheme for settlement of pending income tax disputes.

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

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