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

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The 'Joint Arrangements' (Ind AS 111) are classified as:

A. Associates

B. Joint ventures and joint operations

C. Only joint operations

D. Only joint ventures

Answer: Option B

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

If a person fails to link PAN with Aadhaar, the PAN becomes:

A. Invalid

B. Cancelled permanently

C. Inoperative

D. Suspended

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Correct Answer: Option C

Explanation:
Under Income Tax rules, an unlinked PAN becomes 'inoperative', preventing the filing of ITRs and inviting higher TDS.

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

Question #2

Which of the following is a method of inventory valuation?

A. FIFO

B. Weighted Average

C. All of these

D. LIFO

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Correct Answer: Option C

Explanation:
FIFO, LIFO, and Weighted Average are all common methods of inventory valuation.

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

Question #3

When analyzing financial statements, the 'Window Dressing' practice refers to:

A. Displaying financial results transparently

B. Repairing the office building

C. Writing off bad debts

D. Manipulating accounts to show a better financial position than reality

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Correct Answer: Option D

Explanation:
Window dressing involves accounting tricks (like delaying expense recording) to make financial statements look stronger to investors.

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

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