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. Opening rate

B. Closing rate

C. Historical rate

D. Average rate

Answer: Option B

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 balance of the Cash Book represents:

A. Cash at bank only

B. Cash in hand and cash at bank

C. Cash in hand, cash at bank, and petty cash

D. Cash in hand only

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Correct Answer: Option B

Explanation:
A standard triple-column cash book records both cash in hand and cash at bank transactions, so its balance represents both.

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Question #2

The 'Consistency' concept means that:

A. Same accounting policies should be applied from one period to another

B. Only cash basis should be used

C. Accounting policies should be changed every year

D. Different methods can be used arbitrarily

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Correct Answer: Option A

Explanation:
Consistency ensures comparability; accounting policies should be consistently applied over time, changes only for valid reasons.

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Question #3

The 'Section 115BAC' relates to:

A. Minimum Alternate Tax

B. Tax on dividends

C. Alternate Minimum Tax

D. New tax regime for individuals and HUFs

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Correct Answer: Option D

Explanation:
Section 115BAC provides the concessional tax regime for individuals/HUFs.

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

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