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

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

A. Expected return on plan assets

B. Incremental borrowing rate

C. Market yields on government bonds at the reporting date

D. Fixed rate

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

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If a bill is discounted with the bank, the account debited in the books of the drawer is:

A. Drawee Account

B. Bank Account

C. Bills Receivable Account

D. Discounting Charges Account

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Correct Answer: Option B

Explanation:
When a bill is discounted, the bank gives cash (or credits the bank account) before the due date, so the Bank Account is debited.

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Question #2

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A 'Cost Audit' is mandated for certain companies under:

A. GST Act

B. Income Tax Act

C. Companies Act, 2013

D. SEBI regulations

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Correct Answer: Option C

Explanation:
Cost audit is required for specified companies as per Section 148 of Companies Act, 2013.

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

Question #3

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The 'Advance Pricing Agreement' (APA) programme in India is for:

A. Customs valuation

B. Determining arm's length price in international transactions prospectively

C. Audit fees

D. Fixing GST rates

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Correct Answer: Option B

Explanation:
APA provides certainty on transfer pricing for future years.

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

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