The 'Revenue Recognition' under Ind AS 115 is based on: MCQ with Answer and Explanation

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The 'Revenue Recognition' under Ind AS 115 is based on:

A. Transfer of control of goods or services to the customer

B. Invoice issuance

C. Transfer of risks and rewards

D. Receipt of cash

Answer: Option A

Solution (By JKSSB Mock Tests)

Ind AS 115 uses a five-step model based on transfer of control.

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

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Question #1

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An account in the ledger has a debit total of Rs 10,000 and a credit total of Rs 8,000. It is said to have a:

A. Credit balance of Rs 2,000

B. Debit balance of Rs 2,000

C. Debit balance of Rs 18,000

D. Credit balance of Rs 18,000

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Correct Answer: Option B

Explanation:
The balance is the difference between the sides. Since the debit side is heavier by Rs 2,000, it is a debit balance.

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

Question #2

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A 'Supporting Voucher' is also known as:

A. Cash voucher

B. Source document

C. Transfer voucher

D. Journal voucher

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Correct Answer: Option B

Explanation:
Source documents like bills, receipts support the transaction.

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

Question #3

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If a trial balance does not tally, the difference is put to:

A. Drawings account

B. Capital account

C. Suspense account

D. Profit and Loss account

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Correct Answer: Option C

Explanation:
A suspense account is opened temporarily to make the trial balance agree pending detection of errors.

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

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