The 'Principal vs Agent' consideration under Ind AS 115 determines: MCQ with Answer and Explanation

Question
The 'Principal vs Agent' consideration under Ind AS 115 determines:
A. Whether revenue is recognised gross or net
B. The tax rate
C. Timing of revenue
D. Discounting
Answer: Option A
Solution (By JKSSB Mock Tests)
Principal reports revenue gross; agent reports only commission/fee.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'GST on Crypto transactions' (transfer of VDA) is:
A. 28%
B. 18% on services, and classification of VDA as goods/services being debated; treated as goods, 18% GST on margin? Presently GST is levied at 18% on the value of supply.
C. Exempt
D. 5%
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Correct Answer: Option B

Explanation:
GST on cryptocurrency transactions is generally 18% on the service/value.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Net Profit' is transferred to:
A. Capital Account (or Retained Earnings)
B. Drawings Account
C. Balance Sheet liability side
D. Trading Account
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Correct Answer: Option A

Explanation:
Net profit is added to owner's capital or retained earnings.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
'Revenue from Contracts with Customers' is covered under:
A. Ind AS 109
B. AS 9
C. Ind AS 115
D. AS 7
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Correct Answer: Option C

Explanation:
Ind AS 115 provides a comprehensive framework for revenue recognition.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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