The 'Discount Rate' for measuring defined benefit obligation under Ind AS 19 is determined by reference to: MCQ with Answer and Explanation

Question
The 'Discount Rate' for measuring defined benefit obligation under Ind AS 19 is determined by reference to:
A. Incremental borrowing rate
B. Fixed rate
C. Market yields on government bonds at the reporting date
D. Expected return on plan assets
Answer: Option C
Solution (By JKSSB Mock Tests)
The discount rate reflects the time value of money; usually based on high-quality corporate bonds or government bonds.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by:
A. Ind AS only
B. Accounting Standards (AS) issued by ICAI
C. IFRS
D. Companies Act only
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Correct Answer: Option B

Explanation:
Non-company entities follow AS issued by ICAI.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A firm has an Operating Cycle of 15 months. A liability payable in 14 months will be classified as:
A. Current Liability
B. Non-Current Liability
C. Contingent Liability
D. Deferred Tax Liability
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Correct Answer: Option A

Explanation:
According to Schedule III, a liability is current if it is due within 12 months OR within the entity's normal operating cycle (15 months here).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Schedule III' format of Balance Sheet applies to:
A. Companies
B. Sole proprietorship
C. All entities
D. Partnership firms
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Correct Answer: Option A

Explanation:
Schedule III of Companies Act 2013 prescribes the format for companies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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