The 'Related Party Disclosures' standard is: MCQ with Answer and Explanation

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The 'Related Party Disclosures' standard is:

A. AS 19

B. AS 17

C. AS 21

D. AS 18

Answer: Option D

Solution (By JKSSB Mock Tests)

AS 18 requires disclosure of transactions with related parties.

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

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Question #1

The primary regulator of Mutual Funds in India is:

A. RBI

B. IRDAI

C. SEBI

D. AMFI

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Correct Answer: Option C

Explanation:
The Securities and Exchange Board of India (SEBI) regulates all capital market entities, including mutual funds.

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

Question #2

The primary purpose of preparing a Profit and Loss Account is to find out:

A. Financial Position

B. Gross Profit

C. Net Profit or Net Loss

D. Total Assets

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Correct Answer: Option C

Explanation:
The P&L account deduces all indirect expenses from the gross profit to ascertain the final Net Profit or Loss for the period.

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Question #3

The 'TDS on purchase of goods' under Section 194Q is applicable when:

A. Buyer's turnover exceeds ₹10 crore and purchase from a seller exceeds ₹50 lakh in a year

B. All purchases

C. Total sales exceed ₹50 lakh in previous year

D. No TDS

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Correct Answer: Option A

Explanation:
Section 194Q requires TDS at 0.1% on purchase of goods exceeding ₹50 lakh by buyer with turnover > ₹10 crore.

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

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