The 'Segment Information' under Ind AS 108 is based on: MCQ with Answer and Explanation

Question
The 'Segment Information' under Ind AS 108 is based on:
A. Legal entities
B. The management approach (as reported internally to the chief operating decision maker)
C. Product lines only
D. Geographical areas only
Answer: Option B
Solution (By JKSSB Mock Tests)
Ind AS 108 adopts a 'management approach' to identify operating segments.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Customs Act, 1962' levies duty on:
A. Goods manufactured in India
B. Imported and exported goods
C. Services
D. Income
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Correct Answer: Option B

Explanation:
Customs duty is on imports and exports.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the Income Tax Act, the 'TDS' on payment of interest on securities (other than 8% taxable government securities) is governed by which section?
A. Section 194C
B. Section 194
C. Section 194J
D. Section 194A
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Correct Answer: Option B

Explanation:
Section 194 of the Income Tax Act mandates TDS on income by way of interest on securities (like debentures, corporate bonds) at the prescribed rates.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a 'Money Bill' in India?
A. Finance Bill dealing with taxes
B. Bill on labor reforms
C. Bill on education
D. Bill for amendment of Companies Act
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Correct Answer: Option A

Explanation:
Finance Bill is a Money Bill as it deals with taxation and government expenditure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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