The 'Termination Benefits' under Ind AS 19 are recognised: MCQ with Answer and Explanation

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The 'Termination Benefits' under Ind AS 19 are recognised:

A. When the employee retires

B. Over the service period

C. At the earlier of when the entity can no longer withdraw the offer or when the entity recognises restructuring costs

D. When paid

Answer: Option C

Solution (By JKSSB Mock Tests)

Termination benefits are recognised at the point of no withdrawal.

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

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Question #1

The 'Tax Deduction at Source' (TDS) certificate for salary is Form:

A. Form 24Q

B. Form 16

C. Form 26AS

D. Form 16A

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Correct Answer: Option B

Explanation:
TDS on salary is certified through Form 16.

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

Question #2

A business has a closing stock of ₹60,000, its NRV is ₹55,000. Stock will be valued at:

A. ₹60,000

B. ₹60,000 or ₹55,000 at option

C. ₹57,500

D. ₹55,000

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Correct Answer: Option D

Explanation:
Prudence requires stock at lower of cost or NRV, so ₹55,000.

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Question #3

Which of the following is NOT a feature of cash basis accounting?

A. Simple to maintain

B. Complies with matching principle

C. Records only cash transactions

D. Used by small professionals

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Correct Answer: Option B

Explanation:
Cash basis does not follow the matching principle, as revenues and expenses are recorded only when cash is exchanged.

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

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