The 'Related Party Disclosures' (Ind AS 24) requires disclosure of: MCQ with Answer and Explanation

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The 'Related Party Disclosures' (Ind AS 24) requires disclosure of:

A. Only parent-subsidiary

B. Key management compensation, related party relationships, and transactions

C. Only sales transactions

D. Only borrowing

Answer: Option B

Solution (By JKSSB Mock Tests)

Ind AS 24 requires comprehensive disclosures.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following is not a method of depreciation?

A. Machine hour rate

B. Perpetual inventory method

C. Straight-line

D. Sum of years' digits

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Correct Answer: Option B

Explanation:
Perpetual inventory method is a method of inventory valuation, not depreciation.

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

Question #2

The primary objective of Financial Management is:

A. Minimizing taxes

B. Wealth maximization of shareholders

C. Profit maximization

D. Maximizing market share

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Correct Answer: Option B

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.

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

Question #3

A: A partner has the right to inspect the books of accounts of the firm. R: This right is implied in the Partnership Act, 1932. Choose the correct option.

A. Both A and R are true and R is the correct explanation of A

B. A is false but R is true

C. Both A and R are true but R is NOT the correct explanation of A

D. A is true but R is false

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Correct Answer: Option A

Explanation:
Every partner has the right to access and inspect the firm's books to ensure transparency and protect their interest. This right is expressly provided under Section 12(d) of the Indian Partnership Act, 1932. R correctly explains the legal basis.

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

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