The 'Ind AS 24' on Related Party Disclosures requires disclosure of: MCQ with Answer and Explanation

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The 'Ind AS 24' on Related Party Disclosures requires disclosure of:

A. Relationships, transactions, and outstanding balances with related parties

B. Only compensation of key management personnel

C. Only parent-subsidiary relationships

D. Only transactions with key management personnel

Answer: Option A

Solution (By JKSSB Mock Tests)

Ind AS 24 requires disclosure of related party relationships, transactions, and balances.

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

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Question #1

An auditor's primary responsibility is to:

A. Compute tax liability

B. Express an opinion on the financial statements

C. Prepare financial statements

D. Detect all frauds

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Correct Answer: Option B

Explanation:
Auditor examines the financial statements and provides an opinion whether they give a true and fair view.

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

Question #2

The 'Redemption of Preference Shares' can be made out of:

A. Capital reserve

B. Fresh issue of shares

C. Both A and B

D. Profits available for distribution

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Correct Answer: Option C

Explanation:
Redemption can be out of profits or proceeds of fresh issue.

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

Question #3

Under PFMS, the hierarchy of fund flow tracking ensures that funds meant for a village panchayat can be monitored by:

A. The World Bank

B. Only the village sarpanch

C. Only the state government

D. The central ministries, state departments, and executing agencies simultaneously

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Correct Answer: Option D

Explanation:
PFMS is a web-based tracking system that provides end-to-end visibility of fund flow, accessible across all levels of government hierarchy.

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

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