The maximum rate of interest on calls-in-arrears is: MCQ with Answer and Explanation

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The maximum rate of interest on calls-in-arrears is:

A. 5%

B. 12%

C. 6%

D. 10%

Answer: Option D

Solution (By JKSSB Mock Tests)

Table F prescribes maximum 10% p.a. on calls in arrears.

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

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Question #1

The 'Equalisation Levy' at 6% applies to:

A. E-commerce operators

B. All digital services

C. Specified services like online advertisement provided by non-residents

D. All goods

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Correct Answer: Option C

Explanation:
Equalisation levy at 6% is on consideration for specified digital services by non-residents; a separate 2% levy on e-commerce supply.

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

Question #2

The 'Transaction Price' under Ind AS 115 includes:

A. Only fixed consideration

B. Variable consideration, if it is highly probable that a significant reversal will not occur

C. Only invoice amount

D. Only cash received

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Correct Answer: Option B

Explanation:
Transaction price includes variable consideration to the extent that it is probable there won't be a significant reversal.

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Question #3

Which accounting principle requires that the same accounting methods should be used from year to year?

A. Accrual

B. Going concern

C. Consistency

D. Materiality

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Correct Answer: Option C

Explanation:
Consistency ensures comparability by applying same policies consistently.

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

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