Which standard ensures consistency in classifying cash flows from operating, investing, and financing activities in India? MCQ with Answer and Explanation

Question
Which standard ensures consistency in classifying cash flows from operating, investing, and financing activities in India?
A. Ind AS 7
B. Ind AS 10
C. Ind AS 1
D. Ind AS 2
Answer: Option A
Solution (By JKSSB Mock Tests)
Ind AS 7 (equivalent to IAS 7) deals specifically with the preparation and presentation of the Statement of Cash Flows.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by:
A. IFRS
B. Ind AS only
C. Accounting Standards (AS) issued by ICAI
D. Companies Act only
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Correct Answer: Option C

Explanation:
Non-company entities follow AS issued by ICAI.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In a BRS, bank charges recorded twice in the Cash Book will result in:
A. Cash Book balance being higher than Pass Book balance
B. No difference
C. Pass Book balance being lower than Cash Book
D. Cash Book balance being lower than Pass Book balance
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Correct Answer: Option D

Explanation:
Recording an expense twice in the Cash Book excessively reduces its balance, making it lower than the actual Pass Book balance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'National Pension System' (NPS) for government employees was made mandatory for those joining after:
A. 1 Jan 2004
B. 1 Jan 2015
C. 1 Jan 1991
D. 1 Jan 2010
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Correct Answer: Option A

Explanation:
NPS replaced the old defined benefit pension for central government employees joining on or after 1/1/2004.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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