The 'Financial Reporting' under Ind AS is applicable to companies as per: MCQ with Answer and Explanation

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The 'Financial Reporting' under Ind AS is applicable to companies as per:

A. ICAI guideline

B. SEBI regulation

C. RBI directive

D. MCA notification

Answer: Option D

Solution (By JKSSB Mock Tests)

Ministry of Corporate Affairs notifies Ind AS rules.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

If closing stock is given inside the Trial Balance, it will be shown only in the:

A. Both Trading Account and Balance Sheet

B. Trading Account

C. P&L Account

D. Balance Sheet

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Correct Answer: Option D

Explanation:
If it appears inside the trial balance, the double entry is already complete (adjusted against purchases). It appears only as an asset in the Balance Sheet.

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

Question #2

'Calls-in-Arrears' is shown in Balance Sheet by:

A. Deducting from called-up capital

B. Contingent liability

C. Separate liability

D. Adding to share capital

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Correct Answer: Option A

Explanation:
Calls-in-arrears is shown as deduction from called-up capital.

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

Question #3

The primary purpose of preparing a Bank Reconciliation Statement (BRS) is to:

A. Determine the net profit

B. Correct errors in the ledger

C. Calculate bank interest

D. Identify causes of difference between cash book and pass book balances

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Correct Answer: Option D

Explanation:
BRS is prepared to reconcile the bank balance as per the cash book with the balance as per the bank statement (pass book).

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

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