The 'Events after the Reporting Period' (Ind AS 10) are classified as: MCQ with Answer and Explanation

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The 'Events after the Reporting Period' (Ind AS 10) are classified as:

A. Only adjusting events

B. Only non-adjusting

C. Contingent events

D. Adjusting and non-adjusting events

Answer: Option D

Solution (By JKSSB Mock Tests)

Adjusting events provide evidence of conditions that existed at the reporting date; non-adjusting indicate conditions that arose after.

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

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Question #1

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S1: The Trading Account shows the gross profit or loss. S2: The Profit and Loss Account shows the net profit or loss. Which statement(s) is/are correct?

A. S1 only

B. Both S1 and S2

C. Neither S1 nor S2

D. S2 only

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Correct Answer: Option B

Explanation:
The Trading Account calculates Gross Profit/Loss by matching direct expenses with net sales. The Profit and Loss Account calculates Net Profit/Loss by matching all indirect expenses and incomes with the Gross Profit. Both are correct.

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