The 'Financial Instruments' standard is: MCQ with Answer and Explanation

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The 'Financial Instruments' standard is:

A. Ind AS 109

B. Ind AS 115

C. Ind AS 16

D. Ind AS 2

Answer: Option A

Solution (By JKSSB Mock Tests)

Ind AS 109 covers classification, measurement, and impairment of financial instruments.

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

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Question #1

The 'Form 26AS' is a statement of:

A. Only income tax paid

B. GST paid

C. All tax credits, TDS, TCS, and high-value transactions

D. Wealth tax

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Correct Answer: Option C

Explanation:
Form 26AS is a consolidated tax credit statement.

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Question #2

Which of the following qualitative characteristics of accounting information requires that information should not be biased?

A. Relevance

B. Understandability

C. Comparability

D. Reliability

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Correct Answer: Option D

Explanation:
Reliability ensures that the accounting information is free from error and bias, faithfully representing what it purports to represent.

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Question #3

The gross profit ratio is 25%. If sales are ₹4,00,000, what is the cost of goods sold?

A. ₹4,00,000

B. ₹3,00,000

C. ₹1,00,000

D. ₹5,00,000

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Correct Answer: Option B

Explanation:
Gross Profit = 25% of 4,00,000 = ₹1,00,000. COGS = Sales - Gross Profit = 4,00,000 - 1,00,000 = ₹3,00,000.

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

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