Under 'Finance Lease', the lessee records the leased asset in his books as per: MCQ with Answer and Explanation

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Under 'Finance Lease', the lessee records the leased asset in his books as per:

A. AS 10

B. AS 19

C. AS 2

D. AS 6

Answer: Option B

Solution (By JKSSB Mock Tests)

AS 19 Leases requires lessee to capitalize finance lease.

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

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Question #1

The 'Self-Assessment Tax' is paid:

A. By the assessee on his own after computing tax liability

B. By the employer

C. By the bank

D. By the government

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Correct Answer: Option A

Explanation:
Self-assessment tax is tax paid voluntarily by the taxpayer on income after considering TDS and advance tax.

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

Question #2

The 'Companies Act, 2013' mandates CSR spending for companies with:

A. Net worth ≥ ₹500 crore, or turnover ≥ ₹1,000 crore, or net profit ≥ ₹5 crore

B. All companies

C. Only listed companies

D. No mandate

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Correct Answer: Option A

Explanation:
Section 135 specifies the criteria for mandatory CSR.

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

Question #3

In a common-size statement, all items are expressed as percentage of:

A. Capital

B. Gross profit

C. Net profit

D. Total assets or total revenue

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Correct Answer: Option D

Explanation:
Common-size balance sheet expresses each item as % of total assets; income statement as % of net sales.

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

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