The 'Fair Value Hierarchy' under Ind AS 113 categorises inputs into: MCQ with Answer and Explanation

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The 'Fair Value Hierarchy' under Ind AS 113 categorises inputs into:

A. Primary and Secondary

B. Market and Cost

C. Direct and Indirect

D. Level 1, Level 2, Level 3

Answer: Option D

Solution (By JKSSB Mock Tests)

Level 1: quoted prices; Level 2: observable inputs other than quoted prices; Level 3: unobservable inputs.

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Question #1

The 'Input Service Distributor' (ISD) is a concept under GST to:

A. Pay tax on behalf of others

B. Distribute input tax credit of services to branches

C. Distribute goods

D. File returns

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Correct Answer: Option B

Explanation:
ISD distributes credit of input services to its units.

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Question #2

The term 'Noting Charges' is associated with:

A. Bank reconciliation

B. Bills of exchange

C. Voucher system

D. Depreciation

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Correct Answer: Option B

Explanation:
Noting charges are paid to notary public for recording dishonour of a bill.

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Question #3

In the context of the Indian Financial System, the 'Securities and Exchange Board of India' (SEBI) was given statutory powers by which of the following Acts?

A. RBI Act, 1934

B. SEBI Act, 1992

C. Securities Contracts (Regulation) Act, 1956

D. Companies Act, 2013

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Correct Answer: Option B

Explanation:
SEBI was initially set up as a non-statutory body in 1988 but was granted statutory powers and authority through the SEBI Act, 1992.

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