The 'Transaction Price' under Ind AS 115 includes: MCQ with Answer and Explanation

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The 'Transaction Price' under Ind AS 115 includes:

A. Only cash received

B. Only invoice amount

C. Only fixed consideration

D. Variable consideration, if it is highly probable that a significant reversal will not occur

Answer: Option D

Solution (By JKSSB Mock Tests)

Transaction price includes variable consideration to the extent that it is probable there won't be a significant reversal.

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 16

B. Form 16A

C. Form 24Q

D. Form 26AS

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Correct Answer: Option A

Explanation:
TDS on salary is certified through Form 16.

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

Question #2

The 'Retention Period' for audit working papers is generally:

A. 10 years

B. 1 year

C. No requirement

D. 7 years (or as per SQC 1)

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Correct Answer: Option D

Explanation:
As per ICAI's Standard on Quality Control, retention period is at least 7 years.

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

Question #3

'Consolidated Financial Statements' are prepared as per:

A. AS 22

B. AS 18

C. AS 21

D. AS 17

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Correct Answer: Option C

Explanation:
AS 21 deals with consolidation procedures.

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

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