The 'Interim Financial Reporting' (Ind AS 34) suggests that the same accounting policies should be applied as in annual statements. This is an application of: MCQ with Answer and Explanation

Question
The 'Interim Financial Reporting' (Ind AS 34) suggests that the same accounting policies should be applied as in annual statements. This is an application of:
A. Going concern
B. Accrual
C. Consistency
D. Materiality
Answer: Option C
Solution (By JKSSB Mock Tests)
Applying same policies ensures consistency.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is an example of a nominal account?
A. Commission Received Account
B. Land Account
C. Sundry Debtors Account
D. Bank Account
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Correct Answer: Option A

Explanation:
Commission Received Account represents an income, which is a nominal account. The rule is 'Credit all incomes and gains'.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Recoverable Amount' of a cash-generating unit (CGU) is:
A. Lower of cost and net realisable value
B. Higher of fair value less costs of disposal and value in use
C. Replacement cost
D. Current market price
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Correct Answer: Option B

Explanation:
As per Ind AS 36, recoverable amount is the higher of FVLCD and VIU.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A high Inventory Turnover Ratio generally indicates:
A. Efficient inventory management and fast sales
B. Low sales volume
C. Slow-moving inventory
D. Overstocking
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Correct Answer: Option A

Explanation:
It means the company replenishes and sells its inventory quickly, pointing to strong sales and efficient management.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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