The 'Indian Accounting Standards' (Ind AS) are issued by: MCQ with Answer and Explanation

Question
The 'Indian Accounting Standards' (Ind AS) are issued by:
A. SEBI
B. ICAI
C. RBI
D. MCA (Ministry of Corporate Affairs)
Answer: Option D
Solution (By JKSSB Mock Tests)
Ind AS are notified by the Ministry of Corporate Affairs under Companies Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
S1: Direct taxes are levied on income and wealth. S2: Direct taxes can be shifted to others. Which statement(s) is/are correct?
A. Both S1 and S2
B. S2 only
C. S1 only
D. Neither S1 nor S2
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Correct Answer: Option C

Explanation:
Direct taxes, like Income Tax and Wealth Tax, are levied directly on the income and wealth of individuals or entities. The burden of direct taxes cannot be shifted to someone else. S1 is correct, S2 is incorrect.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The debt-equity ratio is calculated as:
A. Long-term Debts / Shareholders' Equity
B. Total Assets / Shareholders' Equity
C. Current Liabilities / Shareholders' Equity
D. Total Debts / Shareholders' Equity
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Correct Answer: Option A

Explanation:
The debt-equity ratio typically measures long-term solvency and is calculated as Long-term Debts divided by Shareholders' Equity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The audit of a company's accounts is conducted by:
A. Cost auditor
B. Government auditor
C. Statutory auditor appointed by shareholders
D. Internal auditor
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Correct Answer: Option C

Explanation:
Statutory audit is carried out by an independent auditor appointed by the shareholders.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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