The 'MCA 21' portal is used for: MCQ with Answer and Explanation

Question
The 'MCA 21' portal is used for:
A. Company incorporation, filing of financial statements, and other compliance
B. TDS return
C. GST filing
D. Income tax filing
Answer: Option A
Solution (By JKSSB Mock Tests)
MCA 21 is the e-governance initiative of the Ministry of Corporate Affairs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a 'Contingent Asset'?
A. A provision
B. An asset recognized in balance sheet
C. A potential asset that arises from past events and whose existence will be confirmed by future events not wholly under the entity's control
D. A current asset
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Correct Answer: Option C

Explanation:
Contingent asset is not recognized but disclosed if probable.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Transaction Price' under Ind AS 115 includes:
A. Only invoice amount
B. Only fixed consideration
C. Only cash received
D. Variable consideration, if it is highly probable that a significant reversal will not occur
Discuss
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Correct Answer: Option D

Explanation:
Transaction price includes variable consideration to the extent that it is probable there won't be a significant reversal.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a key feature of 'Ind AS 115' (Revenue from Contracts with Customers)?
A. Revenue is recognised based on transfer of control
B. Revenue is recognised based on transfer of risks and rewards
C. Revenue is recognised only on completion
D. Revenue is recognised when invoice is raised
Discuss
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Correct Answer: Option A

Explanation:
Ind AS 115 uses the control-based model.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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