The 'Joint Arrangements' (Ind AS 111) are classified as: MCQ with Answer and Explanation

Question
The 'Joint Arrangements' (Ind AS 111) are classified as:
A. Joint ventures and joint operations
B. Only joint ventures
C. Only joint operations
D. Associates
Answer: Option A
Solution (By JKSSB Mock Tests)
Ind AS 111 classifies joint arrangements based on rights and obligations.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
S1: Under GST, e-invoicing is mandatory for businesses with an aggregate turnover exceeding ₹5 Crores. S2: E-invoicing applies to B2C (Business to Consumer) supplies. Which statement(s) is/are correct?
A. S2 only
B. Neither S1 nor S2
C. S1 only
D. Both S1 and S2
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Correct Answer: Option C

Explanation:
S1 is correct as the limit was reduced to ₹5 Crores. S2 is incorrect because e-invoicing is applicable only to B2B supplies and export of goods/services, not B2C supplies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Who typically authorizes an accounting voucher before it is recorded?
A. The Auditor
B. The Cashier
C. The Junior Accountant
D. An Authorized Signatory or Manager
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Correct Answer: Option D

Explanation:
For internal control, vouchers must be signed and authorized by a designated manager or official before posting.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In partnership accounts, interest on drawings is charged when:
A. It is mandatory as per Partnership Act 1932
B. The partners have equal capital
C. The firm makes a profit
D. It is agreed upon in the partnership deed
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Correct Answer: Option D

Explanation:
Interest on drawings is only charged if it is explicitly mentioned and agreed upon in the partnership deed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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