The 'Ind AS 115' replaces which earlier standards? MCQ with Answer and Explanation

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The 'Ind AS 115' replaces which earlier standards?

A. AS 3

B. AS 10

C. AS 9 and AS 7

D. AS 2

Answer: Option C

Solution (By JKSSB Mock Tests)

Ind AS 115 supersedes AS 9 (Revenue Recognition) and AS 7 (Construction Contracts).

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

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Question #1

The 'Vivad se Vishwas' scheme (2024) is for:

A. Direct tax disputes

B. All tax disputes

C. Customs disputes

D. GST disputes

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Correct Answer: Option A

Explanation:
Vivad se Vishwas (2024) is a scheme for settlement of pending income tax disputes.

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

Question #2

The 'TCS' collected by e-commerce operator is to be deposited by:

A. 10th of next month

B. Quarterly

C. 10th of the month following the month of collection

D. Monthly

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Correct Answer: Option A

Explanation:
TCS is to be remitted within 10 days after the end of the month of collection.

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

Question #3

A change in depreciation method is treated as:

A. Extraordinary item

B. Change in accounting policy

C. Prior period item

D. Error

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Correct Answer: Option B

Explanation:
Change in depreciation method is a change in accounting policy, requiring retrospective application as per AS 5.

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

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