The 'Non-Current Assets Held for Sale' (Ind AS 105) are measured at: MCQ with Answer and Explanation

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The 'Non-Current Assets Held for Sale' (Ind AS 105) are measured at:

A. Fair value

B. Lower of carrying amount and fair value less costs to sell

C. Cost

D. Revaluation amount

Answer: Option B

Solution (By JKSSB Mock Tests)

Ind AS 105 requires measurement at lower of carrying amount and fair value less costs to sell.

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

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Question #1

The 'GST Audit' is required for taxpayers with turnover exceeding:

A. ₹1 crore

B. ₹5 crore

C. ₹2 crore

D. ₹10 crore

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Correct Answer: Option C

Explanation:
GST audit by a chartered accountant/cost accountant is required if aggregate turnover exceeds ₹2 crore.

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

Question #2

A 'Secret Reserve' is created by:

A. Overstatement of assets

B. Disclosure in notes

C. Undervaluation of assets or overstatement of liabilities

D. Only banks

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Correct Answer: Option C

Explanation:
Secret reserve is created by showing lower profits, like undervaluing stock or overstating provision, not disclosed in balance sheet.

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

Question #3

The 'Tax Deduction at Source' (TDS) certificate for salary is Form:

A. Form 26AS

B. Form 24Q

C. Form 16

D. Form 16A

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Correct Answer: Option C

Explanation:
TDS on salary is certified through Form 16.

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

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