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 borrowing

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

C. Only parent-subsidiary

D. Only sales transactions

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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Question #1

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If a factory uses standard costing, the Material Price Variance is calculated as:

A. (Standard Quantity - Actual Quantity) * Standard Price

B. Standard Cost - Actual Cost

C. (Standard Price - Actual Price) * Actual Quantity

D. (Standard Price - Actual Price) * Standard Quantity

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Correct Answer: Option C

Explanation:
Material Price Variance isolates the price effect by multiplying the difference in price (Standard - Actual) by the Actual Quantity purchased.

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

Question #2

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A business has opening capital of Rs 2,00,000. During the year, it earned a profit of Rs 50,000, owner withdrew Rs 30,000, and fresh capital of Rs 40,000 was introduced. What is the closing capital?

A. Rs 2,90,000

B. Rs 2,20,000

C. Rs 2,60,000

D. Rs 2,40,000

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Correct Answer: Option C

Explanation:
Closing Capital = Opening (2,00,000) + Profit (50,000) + Fresh (40,000) - Drawings (30,000) = Rs 2,60,000.

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