The 'Non-Controlling Interest' (NCI) at acquisition date can be measured at: MCQ with Answer and Explanation

Question
The 'Non-Controlling Interest' (NCI) at acquisition date can be measured at:
A. Only proportionate share of net assets
B. Either fair value or proportionate share of net assets
C. Only fair value
D. Book value
Answer: Option B
Solution (By JKSSB Mock Tests)
Ind AS 103 allows a choice.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which system of accounting recognizes income when it is earned irrespective of receipt?
A. Cash system
B. Single entry system
C. Hybrid system
D. Accrual system
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Correct Answer: Option D

Explanation:
Accrual basis records revenues when earned and expenses when incurred, not when cash is received or paid.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In a merger, Company A (profit ₹10,00,000, 2,00,000 shares) acquires Company B (profit ₹5,00,000, 1,00,000 shares). A issues 1 share for every 2 shares of B. What is the post-merger EPS of Company A?
A. ₹7.00
B. ₹5.00
C. ₹5.60
D. ₹6.00
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Correct Answer: Option D

Explanation:
Total Post-merger Profit = 10,00,000 + 5,00,000 = ₹15,00,000. New shares issued by A = 1,00,000 / 2 = 50,000. Total shares of A = 2,00,000 + 50,000 = 2,50,000. Post-merger EPS = 15,00,000 / 2,50,000 = ₹6.00.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Long Term Capital Gains (LTCG) on the sale of listed equity shares over Rs 1 Lakh is currently taxable at:
A. 10% without indexation
B. 30% with indexation
C. 20% without indexation
D. 15% with indexation
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Correct Answer: Option A

Explanation:
Under Section 112A, LTCG on listed equity shares exceeding Rs 1 lakh in a year is taxed at 10% without the benefit of indexation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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