The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by: MCQ with Answer and Explanation

The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by:
A. Companies Act only
B. Accounting Standards (AS) issued by ICAI
C. IFRS
D. Ind AS only
Answer: Option B
Solution (By JKSSB Mock Tests)
Non-company entities follow AS issued by ICAI.

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a key feature of 'Ind AS 115' (Revenue from Contracts with Customers)?
A. Revenue is recognised only on completion
B. Revenue is recognised based on transfer of control
C. Revenue is recognised when invoice is raised
D. Revenue is recognised based on transfer of risks and rewards

Correct Answer: Option B


Explanation:
Ind AS 115 uses the control-based model.

Question #2
A: Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives. R: Internal control can guarantee the prevention of all frauds. Choose the correct option.
A. A is false but R is true
B. Both A and R are true but R is NOT the correct explanation of A
C. A is true but R is false
D. Both A and R are true and R is the correct explanation of A

Correct Answer: Option C


Explanation:
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.

Question #3
The 'Section 80EEB' deduction is for:
A. Education loan
B. Medical insurance
C. Electric vehicle loan interest
D. Housing loan interest

Correct Answer: Option C


Explanation:
Section 80EEB provides deduction up to ₹1,50,000 on interest paid on loan for purchase of electric vehicle.