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. Only fair value
C. Either fair value or proportionate share of net assets
D. Book value
Answer: Option C
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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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Engagement Risk' is different from audit risk; it relates to:
A. Risk of loss or injury to the auditor's professional practice from litigation, adverse publicity, etc.
B. Risk of material misstatement
C. Detection risk
D. Inherent risk
Discuss
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Correct Answer: Option A

Explanation:
Engagement risk is a business risk for the auditor.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the financial statements of a sole trader, drawings are deducted from:
A. Capital
B. Net profit
C. Sales
D. Gross profit
Discuss
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Correct Answer: Option A

Explanation:
Drawings are not an expense; they reduce the owner's capital directly in the balance sheet.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In the context of the Indian Financial System, the 'Deposit Insurance and Credit Guarantee Corporation' (DICGC) is a wholly owned subsidiary of:
A. State Bank of India
B. Reserve Bank of India
C. Ministry of Finance
D. Securities and Exchange Board of India
Discuss
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Correct Answer: Option B

Explanation:
The DICGC was established as a wholly owned subsidiary of the Reserve Bank of India (RBI) to provide deposit insurance and guarantee credit facilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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