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

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The 'Indian Accounting Standards' (Ind AS) are issued by:

A. ICAI

B. SEBI

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

The 'Cost Accounting Standards' are issued by:

A. MCA

B. Institute of Cost Accountants of India (ICMAI)

C. ICAI

D. SEBI

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Correct Answer: Option B

Explanation:
ICMAI (formerly ICWAI) issues Cost Accounting Standards.

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

Question #2

Rent paid in advance is considered a(n):

A. Liability

B. Expense

C. Income

D. Asset

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Correct Answer: Option D

Explanation:
Prepaid expenses are considered assets because they provide future economic benefits to the business.

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

Question #3

A tax is said to be progressive when:

A. It is levied on essential commodities

B. The rate of tax remains constant

C. The rate of tax decreases as income increases

D. The rate of tax increases as income increases

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Correct Answer: Option D

Explanation:
Progressive taxation means higher income earners pay a higher percentage of their income as tax, promoting wealth redistribution.

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

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