The 'Qualifying Asset' under Ind AS 23 includes: MCQ with Answer and Explanation

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The 'Qualifying Asset' under Ind AS 23 includes:

A. Inventories routinely manufactured in large quantities

B. Assets that take a substantial period of time to get ready for their intended use or sale

C. All fixed assets

D. All intangible assets

Answer: Option B

Solution (By JKSSB Mock Tests)

Qualifying asset requires substantial time to get ready.

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

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In a partnership, interest on drawings is charged to:

A. P&L A/c

B. Balance Sheet

C. Partners' Capital A/c

D. Trading A/c

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Correct Answer: Option C

Explanation:
Interest on drawings is a gain for the firm, credited to P&L Appropriation A/c and debited to partners' capital/current accounts.

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The 'Insurance Regulatory and Development Authority of India' (IRDAI) regulates:

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Correct Answer: Option B

Explanation:
IRDAI is the insurance sector regulator.

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

Question #3

The 'Time of Supply' for goods under GST is earliest of:

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Correct Answer: Option D

Explanation:
Time of supply is the earlier of invoice date or receipt of payment.

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

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