Under 'Ind AS 21', foreign currency monetary items are translated at: MCQ with Answer and Explanation

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Under 'Ind AS 21', foreign currency monetary items are translated at:

A. Closing rate

B. Historical rate

C. Average rate

D. Opening rate

Answer: Option A

Solution (By JKSSB Mock Tests)

Monetary items are translated at the closing rate at the reporting date.

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

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Question #1

The 'ASB' stands for:

A. Audit and Standards Bureau

B. Auditing Standards Board

C. Accounting Standards Bureau

D. Accounting Standards Board of ICAI

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Correct Answer: Option D

Explanation:
ASB is Accounting Standards Board, constituted by ICAI to formulate accounting standards.

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Question #2

The 'Margin of Safety' is ₹2,00,000 and the P/V ratio is 25%. The profit is:

A. ₹50,000

B. ₹2,00,000

C. ₹8,00,000

D. ₹25,000

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Correct Answer: Option A

Explanation:
Profit = Margin of safety × P/V ratio = 2,00,000 × 25% = ₹50,000.

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Question #3

A distributed ledger technology providing a secure and immutable record of transactions is:

A. Tally Prime

B. Blockchain Accounting

C. Cloud Accounting

D. ERP System

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Correct Answer: Option B

Explanation:
Blockchain creates decentralized, tamper-proof ledgers, significantly reducing the scope for fraud and simplifying the auditing process.

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