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

A 'Credit Voucher' is used to record:

A. Cash sales

B. Journal entries

C. Cash receipts

D. Credit purchases

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Correct Answer: Option C

Explanation:
Credit voucher is prepared for all cash/bank receipts.

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Question #2

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

A. ₹4,00,000

B. ₹1,00,000

C. ₹5,00,000

D. ₹3,00,000

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Correct Answer: Option D

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

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Question #3

The 'Qualifying Asset' under Ind AS 23 includes:

A. Inventories routinely manufactured in large quantities

B. All intangible assets

C. All fixed assets

D. Assets that take a substantial period of time to get ready for their intended use or sale

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Correct Answer: Option D

Explanation:
Qualifying asset requires substantial time to get ready.

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