The 'Service Concession Arrangements' are dealt with by: MCQ with Answer and Explanation

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The 'Service Concession Arrangements' are dealt with by:

A. Ind AS 116

B. Ind AS 109

C. Ind AS 115

D. Appendix A of Ind AS 115 (IFRIC 12)

Answer: Option D

Solution (By JKSSB Mock Tests)

Service concession arrangements (like BOT projects) are addressed by IFRIC 12, incorporated as an appendix.

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Question #1

Which of the following is an advantage of the double entry system?

A. Complete and reliable records

B. No errors

C. Simplicity

D. Low cost

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Correct Answer: Option A

Explanation:
Double entry provides a complete record and facilitates detection of errors through trial balance.

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Question #2

The main purpose of preparing a 'Ledger' is:

A. To classify and summarise transactions account-wise

B. To record transactions chronologically

C. To ascertain profit or loss

D. To detect errors

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Correct Answer: Option A

Explanation:
Ledger is the principal book where all transactions are classified into various accounts.

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Question #3

Which of these is a Direct Tax?

A. Customs Duty

B. Goods and Services Tax

C. Income Tax

D. Excise Duty

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Correct Answer: Option C

Explanation:
Income tax is a direct tax because the liability and burden of the tax fall on the same individual.

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