The 'Hedge Accounting' under Ind AS 109: MCQ with Answer and Explanation

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The 'Hedge Accounting' under Ind AS 109:

A. Only for derivatives

B. Aligns accounting with risk management activities, with three types: fair value, cash flow, net investment

C. Only for foreign exchange

D. Is prohibited

Answer: Option B

Solution (By JKSSB Mock Tests)

Ind AS 109 provides hedge accounting models.

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

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Question #1

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The 'Integrated Tax' (IGST) is levied and collected by:

A. Both centre and state

B. Local bodies

C. State government

D. Central government

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Correct Answer: Option D

Explanation:
IGST is levied by the central government on inter-state supplies and imports.

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

Question #2

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S1: In a partnership, if the existing profit-sharing ratio is 3:2 and the new ratio is 1:1, the sacrificing/gaining ratio is 1:1. S2: If the old ratio is 3:2 and the new ratio is 2:3, Partner A sacrifices 1/5th and Partner B gains 1/5th. Which statement(s) is/are correct?

A. S2 only

B. Both S1 and S2

C. S1 only

D. Neither S1 nor S2

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Correct Answer: Option B

Explanation:
In S1, Sacrificing = Old - New. A: 3/5 - 1/2 = 1/10. B: 2/5 - 1/2 = -1/10. Ratio is 1:-1, which means 1:1 sacrificing/gaining. In S2, A: 3/5 - 2/5 = 1/5 sacrifice. B: 2/5 - 3/5 = -1/5 (gain). Both are correct.

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Question #3

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Which unique identifier is increasingly linked with PFMS to ensure accurate delivery of benefits?

A. PAN Card

B. Aadhaar Number

C. Passport Number

D. Voter ID

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Correct Answer: Option B

Explanation:
Aadhaar is heavily integrated into PFMS for authenticating beneficiaries and ensuring duplicate or ghost accounts are eliminated.

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

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