The 'XBRL' (eXtensible Business Reporting Language) is used for: MCQ with Answer and Explanation

Question

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The 'XBRL' (eXtensible Business Reporting Language) is used for:

A. Inventory management

B. Tax filing only

C. Standardised electronic communication of financial data

D. Manual accounting

Answer: Option C

Solution (By JKSSB Mock Tests)

XBRL facilitates digital reporting of financial statements in a machine-readable format.

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

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Question #1

The 'National Financial Reporting Authority' (NFRA) was established under:

A. Chartered Accountants Act

B. Income Tax Act

C. SEBI Act

D. Companies Act, 2013

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Correct Answer: Option D

Explanation:
NFRA was constituted under Section 132 of Companies Act, 2013 to oversee audit quality.

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Question #2

Under AS 12, government grants related to depreciable assets are generally:

A. Ignored

B. Added to capital

C. Deducted from the cost of the asset or treated as deferred income

D. Recognised as income immediately

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Correct Answer: Option C

Explanation:
AS 12 permits either reducing the cost of asset or treating grant as deferred income.

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Question #3

The 'GST Compensation Cess' is levied on:

A. Essential goods

B. All goods and services

C. Luxury and sin goods

D. Exports

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Correct Answer: Option C

Explanation:
Compensation cess is levied on specified luxury and demerit goods to compensate states for revenue loss.

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

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