The 'Related Party' as per AS 18 includes: MCQ with Answer and Explanation

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The 'Related Party' as per AS 18 includes:

A. Government

B. All suppliers

C. All customers

D. Key management personnel and their relatives

Answer: Option D

Solution (By JKSSB Mock Tests)

Related parties include key management, enterprises with control or significant influence, etc.

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

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Question #1

The 'Accounting Policy Changes' are applied:

A. Only with government approval

B. Prospectively

C. Arbitrarily

D. Retrospectively, unless impracticable

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Correct Answer: Option D

Explanation:
Ind AS 8 requires retrospective application of changes in accounting policies.

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

Question #2

The 'Dividend Distribution Tax' (DDT) was abolished and dividend now taxed in hands of:

A. Company

B. No tax

C. Both

D. Shareholder

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Correct Answer: Option D

Explanation:
From FY 2020-21, DDT was abolished; dividend is taxable in the hands of shareholders.

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

Question #3

Which type of voucher is used to record a transaction that does not involve cash or bank at all?

A. Journal Voucher

B. Credit Voucher

C. Payment Voucher

D. Debit Voucher

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Correct Answer: Option A

Explanation:
A Journal Voucher (or Non-Cash/Transfer Voucher) is used for credit purchases, credit sales, depreciation, and adjusting entries.

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

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