The 'National Financial Reporting Authority' (NFRA) has jurisdiction over: MCQ with Answer and Explanation

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The 'National Financial Reporting Authority' (NFRA) has jurisdiction over:

A. Only banks

B. All companies

C. Public interest entities (listed companies and large unlisted companies)

D. Only public sector undertakings

Answer: Option C

Solution (By JKSSB Mock Tests)

NFRA regulates auditors and audit quality of public interest entities.

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

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Question #1

The 'Right-of-Use Asset' under Ind AS 116 is depreciated over:

A. Only lease term

B. Only useful life

C. The lease term or the useful life of the asset, whichever is shorter

D. 5 years

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Correct Answer: Option C

Explanation:
If ownership transfers or there is a bargain purchase option, depreciate over useful life; otherwise over the shorter of lease term and useful life.

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

Question #2

Which concept dictates that Financial Statements should disclose all significant information affecting the judgment of a user?

A. Full Disclosure

B. Matching

C. Materiality

D. Consistency

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Correct Answer: Option A

Explanation:
The Full Disclosure principle ensures that investors and creditors have all the material information needed to make informed decisions.

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

Question #3

In a non-profit organization, the excess of income over expenditure is called:

A. Profit

B. Net income

C. Net revenue

D. Surplus

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Correct Answer: Option D

Explanation:
Non-profit organizations use the term surplus (not profit) for excess of income over expenditure, shown in Income and Expenditure Account.

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

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