The 'Employee Benefits' (Ind AS 19) includes: MCQ with Answer and Explanation

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The 'Employee Benefits' (Ind AS 19) includes:

A. Only gratuity

B. Only pension

C. Short-term benefits, post-employment benefits, other long-term benefits, termination benefits

D. Only wages

Answer: Option C

Solution (By JKSSB Mock Tests)

Ind AS 19 covers various types of employee benefits.

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

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Question #1

A revenue expenditure wrongly capitalized will lead to:

A. No effect

B. Overstatement of assets and profit

C. Overstatement of liabilities

D. Understatement of assets and profit

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Correct Answer: Option B

Explanation:
Capitalizing revenue expense increases assets and reduces expenses, thus overstating profit and assets.

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

Question #2

The 'Return Inward Book' is also known as:

A. Purchase Returns Book

B. Cash Book

C. Sales Returns Book

D. Journal

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Correct Answer: Option C

Explanation:
Returns inward means goods returned by customers, i.e., sales returns.

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

Question #3

Which of the following is a major limitation of the Single Entry System?

A. It is mandatory for multinational corporations

B. It requires highly qualified chartered accountants

C. It is too complex to maintain

D. Trial balance cannot be prepared to check arithmetical accuracy

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Correct Answer: Option D

Explanation:
Since both aspects (debit and credit) are not recorded, a Trial Balance cannot be extracted, making it vulnerable to undetected errors.

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

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