The 'Segment Reporting' (AS 17) applies to: MCQ with Answer and Explanation

Question

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The 'Segment Reporting' (AS 17) applies to:

A. Only non-profit organisations

B. All entities

C. Listed companies and those in the process of listing

D. Only small companies

Answer: Option C

Solution (By JKSSB Mock Tests)

AS 17 is mandatory for listed and soon-to-be-listed enterprises.

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

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Question #1

The term 'Amalgamation' in partnership refers to:

A. Combination of two or more partnership firms

B. Retirement of a partner

C. Dissolution of the firm

D. Insolvency of a partner

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Correct Answer: Option A

Explanation:
Amalgamation occurs when two or more existing partnership firms decide to merge their businesses into a new partnership firm.

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

Question #2

S1: Ind AS 1 deals with Presentation of Financial Statements. S2: Ind AS 101 deals with First-time Adoption of Ind AS. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. Both S1 and S2

C. S2 only

D. S1 only

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Correct Answer: Option B

Explanation:
Ind AS 1 prescribes the basis for presentation of general purpose financial statements. Ind AS 101 provides the procedures for an entity adopting Ind AS for the first time. Both statements correctly identify the standards.

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Question #3

A firm's break-even point is 4,000 units. The variable cost per unit is ₹20, and the fixed cost is ₹40,000. What is the selling price per unit?

A. ₹35

B. ₹25

C. ₹30

D. ₹40

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Correct Answer: Option C

Explanation:
At BEP, Total Contribution = Fixed Costs. Contribution per unit = Fixed Cost / BEP units = 40,000 / 4,000 = ₹10. Selling Price = Variable Cost + Contribution = 20 + 10 = ₹30.

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