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. Revaluation amount

C. Cost

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

Answer: Option D

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

In a partnership firm, if a partner retires, the continuing partners:

A. Revalue assets and liabilities and adjust capital

B. Close the business

C. Distribute all assets

D. Dissolve the firm

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Correct Answer: Option A

Explanation:
On retirement, the firm continues, assets and liabilities are revalued, and retiring partner's dues are settled.

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

Question #2

In ratio analysis, 'Stock Turnover Ratio' indicates:

A. Debt repayment capacity

B. Fixed asset efficiency

C. How quickly inventory is sold

D. The number of employees

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Correct Answer: Option C

Explanation:
Stock turnover = Cost of goods sold / Average stock, measuring inventory management efficiency.

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

Question #3

In a BRS, when a cheque is issued but not presented, the cash book balance is:

A. Higher than the pass book balance

B. Equal to the pass book balance

C. Unaffected

D. Lower than the pass book balance

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Correct Answer: Option D

Explanation:
Issuing a cheque immediately reduces the cash book balance, but the bank balance (pass book) remains high until the cheque is cleared.

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

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