The 'Exploration for and Evaluation of Mineral Resources' is covered by: MCQ with Answer and Explanation

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The 'Exploration for and Evaluation of Mineral Resources' is covered by:

A. Ind AS 102

B. Ind AS 16

C. Ind AS 106

D. Ind AS 38

Answer: Option C

Solution (By JKSSB Mock Tests)

Ind AS 106 deals with extractive industries.

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

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Question #1

Under AS 19 'Leases', a lease is classified as finance lease if:

A. Lease term is less than one year

B. Lessor retains ownership

C. It is an operating lease

D. It transfers substantially all risks and rewards incidental to ownership

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Correct Answer: Option D

Explanation:
Finance lease transfers substantially all risks and rewards of ownership to the lessee.

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Question #2

Which constitutional body recommends the distribution of net proceeds of taxes between the Union and the States?

A. Public Accounts Committee

B. NITI Aayog

C. Finance Commission

D. GST Council

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Correct Answer: Option C

Explanation:
Constituted under Article 280, the Finance Commission makes recommendations regarding the sharing of tax revenues.

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Question #3

The 'Asset Ceiling' in defined benefit plans under Ind AS 19 refers to:

A. Maximum plan assets

B. Limit on the amount of surplus that can be recognised as an asset (present value of refunds/reductions in future contributions)

C. No limit

D. Only for gratuity

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Correct Answer: Option B

Explanation:
Ind AS 19 restricts the recognised asset to the economic benefits available.

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