The 'Statement of Changes in Equity' as per Ind AS 1 includes: MCQ with Answer and Explanation

Question

Share Report Error

The 'Statement of Changes in Equity' as per Ind AS 1 includes:

A. Only share capital

B. Only reserves

C. Total comprehensive income, transactions with owners, and reconciliation of equity components

D. Only dividends

Answer: Option C

Solution (By JKSSB Mock Tests)

It shows all changes in equity, including profit/loss, OCI, capital transactions, dividends.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following errors will affect the Trial Balance?

A. One-sided error

B. Error of principle

C. Error of commission

D. Error of omission

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Correct Answer: Option A

Explanation:
A one-sided error (e.g., posting to only one account) causes disagreement in trial balance. Other errors may not affect the trial balance agreement.

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

Question #2

The 'Outstanding Salary' is recorded by:

A. Debit Cash A/c, Credit Salary A/c

B. No entry

C. Debit Outstanding Salary A/c, Credit Salary A/c

D. Debit Salary A/c, Credit Outstanding Salary A/c

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Correct Answer: Option D

Explanation:
To record accrued expense: Salary A/c Dr. To Outstanding Salary A/c.

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Question #3

Assertion (A): Under Ind AS 32, a preference share that mandates redemption by the issuer is classified as a financial liability. Reason (R): The issuer has a contractual obligation to deliver cash or another financial asset to the holder. Choose the correct option.

A. Both A and R are true but R is NOT the correct explanation of A

B. A is false but R is true

C. Both A and R are true and R is the correct explanation of A

D. A is true but R is false

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Correct Answer: Option C

Explanation:
Ind AS 32 requires classifying an instrument based on its substance. If a preference share is mandatorily redeemable, the issuer has an unavoidable contractual obligation to pay cash, making it a financial liability, not equity. R correctly explains A.

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