The 'Lease Liability' under Ind AS 116 is measured at: MCQ with Answer and Explanation

Question

Share Report Error

The 'Lease Liability' under Ind AS 116 is measured at:

A. Fair value

B. Undiscounted sum

C. Present value of lease payments not yet paid

D. Cost

Answer: Option C

Solution (By JKSSB Mock Tests)

Lease liability is initially measured at present value of future lease payments.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

In India, the new 'Income Tax Bill' 2025 aims to:

A. Abolish all exemptions

B. Simplify and consolidate the income tax law

C. Replace GST

D. Increase tax rates

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The proposed bill seeks to simplify the language and structure of the Income Tax Act.

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

Question #2

Financial audit is conducted mainly to:

A. Detect frauds and errors

B. Express an opinion on the true and fair view of financial statements

C. Evaluate management performance

D. Calculate tax liability

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The primary objective of a financial audit is to express an independent opinion on whether the financial statements present a true and fair view.

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

Question #3

A 'Master Budget' is a summary of:

A. Only production budget

B. Only cash budget

C. All functional budgets

D. Only sales budget

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Master budget consolidates all subsidiary budgets into one comprehensive plan.

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

Explore All Accountancy and Book Keeping MCQs