The 'Expected Credit Loss' model is used in: MCQ with Answer and Explanation

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The 'Expected Credit Loss' model is used in:

A. AS 2

B. AS 10

C. Ind AS 109

D. AS 9

Answer: Option C

Solution (By JKSSB Mock Tests)

Ind AS 109 introduces expected credit loss for impairment of financial assets.

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

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Question #1

Public Financial Management System (PFMS) helps in:

A. Monitoring government subsidies

B. Preventing leakages

C. Ensuring last-mile connectivity in fund transfer

D. All of the above

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Correct Answer: Option D

Explanation:
PFMS aims to track funds, monitor subsidies, ensure DBT, and reduce leakages in public expenditure.

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Question #2

S1: Marginal cost is the sum of prime cost and variable overheads. S2: Marginal cost includes fixed overheads. Which statement(s) is/are correct?

A. S2 only

B. Neither S1 nor S2

C. Both S1 and S2

D. S1 only

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Correct Answer: Option D

Explanation:
Marginal cost represents the total variable cost of production, which is Prime Cost (Direct Material + Direct Labor + Direct Expenses) plus Variable Overheads. It strictly excludes fixed overheads. S1 is correct, S2 is incorrect.

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Question #3

In the preparation of Income and Expenditure Account, outstanding expenses at the end are:

A. Added to the respective expense

B. Shown as income

C. Ignored

D. Deducted from the respective expense

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Correct Answer: Option A

Explanation:
Outstanding expenses increase the total expense for the period.

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

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