The 'Cost Accounting Standards' are issued by: MCQ with Answer and Explanation

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The 'Cost Accounting Standards' are issued by:

A. Institute of Cost Accountants of India (ICMAI)

B. SEBI

C. ICAI

D. MCA

Answer: Option A

Solution (By JKSSB Mock Tests)

ICMAI (formerly ICWAI) issues Cost Accounting Standards.

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

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Question #1

Which of the following is a personal account?

A. Capital A/c

B. Discount A/c

C. Furniture A/c

D. Rent A/c

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Correct Answer: Option A

Explanation:
Capital account represents the proprietor, hence personal account. Others are nominal or real.

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

Question #2

The minimum subscription in a public issue should be at least:

A. 75% of issued capital

B. 100%

C. 50% of issued capital

D. 90% of issued capital

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Correct Answer: Option D

Explanation:
As per SEBI, minimum subscription is 90% of the issue size for public offers.

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

Question #3

Which of the following is a key feature of 'Ind AS 115' (Revenue from Contracts with Customers)?

A. Revenue is recognised based on transfer of risks and rewards

B. Revenue is recognised only on completion

C. Revenue is recognised based on transfer of control

D. Revenue is recognised when invoice is raised

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Correct Answer: Option C

Explanation:
Ind AS 115 uses the control-based model.

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

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