The 'Indian Government Accounting Standards' (IGAS) are based on: MCQ with Answer and Explanation

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The 'Indian Government Accounting Standards' (IGAS) are based on:

A. Mercantile basis

B. Accrual basis

C. Cash basis

D. Mixed basis

Answer: Option C

Solution (By JKSSB Mock Tests)

IGAS are primarily cash-based, with certain disclosures on accrual basis.

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

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Question #1

Legacy donation is generally treated as:

A. Liability

B. Deferred revenue

C. Capital receipt

D. Revenue receipt

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Correct Answer: Option C

Explanation:
Legacy is a voluntary contribution of a significant nature, usually treated as capital receipt.

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Question #2

Which metric evaluates the financial value of the social and environmental outcomes created by an organization?

A. Internal Rate of Return (IRR)

B. Social Return on Investment (SROI)

C. Return on Capital Employed (ROCE)

D. Earnings Per Share (EPS)

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Correct Answer: Option B

Explanation:
SROI is a method for measuring values not traditionally reflected in financial statements, assessing social and environmental impact.

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Question #3

A bill of exchange for ₹20,000 discounted with bank for ₹19,500. The discount charged is:

A. ₹20,000

B. ₹500

C. ₹1,000

D. ₹19,500

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Correct Answer: Option B

Explanation:
Discount = Face value - Amount received = 20,000 - 19,500 = ₹500.

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

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