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

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The 'Financial Instruments' standard is:

A. Ind AS 2

B. Ind AS 16

C. Ind AS 109

D. Ind AS 115

Answer: Option C

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 'Tax Audit' under Section 44AB is required for a professional if gross receipts exceed:

A. ₹25 lakh

B. ₹50 lakh

C. ₹2 crore

D. ₹1 crore

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Correct Answer: Option B

Explanation:
For professionals, tax audit threshold is gross receipts > ₹50 lakh.

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Question #2

A and B are partners sharing profits 3:2. C is admitted for 1/5th share, which he acquires equally from A and B. The new profit-sharing ratio is:

A. 4:3:2

B. 5:3:2

C. 3:2:1

D. 9:6:5

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Correct Answer: Option B

Explanation:
A's new share = 3/5 - 1/10 = 5/10, B's new = 2/5 - 1/10 = 3/10, C's = 2/10. Ratio 5:3:2.

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Question #3

The time value of money concept is a core element in which financial management decision?

A. Inventory Valuation

B. Capital Budgeting

C. Working Capital Management

D. Ratio Analysis

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Correct Answer: Option B

Explanation:
Capital budgeting techniques like Net Present Value (NPV) discount future cash flows, fundamentally relying on the time value of money.

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