The 'Investment Property' (Ind AS 40) is measured initially at: MCQ with Answer and Explanation

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The 'Investment Property' (Ind AS 40) is measured initially at:

A. Cost

B. Replacement value

C. Fair value

D. Net realisable value

Answer: Option A

Solution (By JKSSB Mock Tests)

Initial measurement is at cost; subsequently either cost model or fair value model.

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Question #1

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A company's standard cost for a product includes 10 kg of material at ₹5 per kg. The actual production was 1,000 units, and 10,500 kg of material was used at ₹4.50 per kg. What is the Material Usage Variance?

A. ₹5,000 (Favorable)

B. ₹5,000 (Adverse)

C. ₹2,500 (Adverse)

D. ₹2,500 (Favorable)

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Correct Answer: Option C

Explanation:
Standard Quantity for Actual Production (SQ) = 1,000 * 10 = 10,000 kg. Actual Quantity (AQ) = 10,500 kg. Standard Price (SP) = ₹5. Usage Variance = (SQ - AQ) * SP = (10,000 - 10,500) * 5 = -500 * 5 = ₹2,500 Adverse.

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Question #2

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The 'Dispute Resolution Committee' (DRC) under Income Tax is meant for:

A. All taxpayers

B. Foreign companies

C. Companies only

D. Small taxpayers with returned income up to ₹50 lakh and aggregate disputed demand ≤ ₹10 lakh

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Correct Answer: Option D

Explanation:
DRC provides an alternative dispute resolution mechanism for eligible small taxpayers.

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Question #3

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

A. Only borrowing

B. Only sales transactions

C. Key management compensation, related party relationships, and transactions

D. Only parent-subsidiary

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Correct Answer: Option C

Explanation:
Ind AS 24 requires comprehensive disclosures.

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

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