XBRL stands for: MCQ with Answer and Explanation

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XBRL stands for:

A. External Business Record Language

B. Extra Balance and Revenue Ledger

C. Extensible Business Reporting Language

D. Extended Banking Reporting Ledger

Answer: Option C

Solution (By JKSSB Mock Tests)

XBRL is an open international standard for digital business reporting, tagging financial data for easy automated analysis.

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

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Question #1

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The cost of a machine is ₹1,00,000, scrap value ₹10,000, useful life 10 years. Annual depreciation under straight-line method:

A. ₹11,000

B. ₹1,000

C. ₹9,000

D. ₹10,000

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Correct Answer: Option C

Explanation:
Depreciation = (Cost - Scrap) / Life = (1,00,000 - 10,000) / 10 = ₹9,000.

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Question #2

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Opportunity Cost can be best described as:

A. The benefit sacrificed when choosing one alternative over the next best alternative

B. The cost of idle time

C. The direct cost of making a product

D. A cost that cannot be changed

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Correct Answer: Option A

Explanation:
Opportunity cost is a crucial economic and management concept reflecting the value of the foregone alternative in decision making.

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Question #3

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The 'Investor Education and Protection Fund' (IEPF) is established under:

A. Companies Act, 2013

B. RBI Act

C. SEBI Act

D. Income Tax Act

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Correct Answer: Option A

Explanation:
IEPF is constituted under Section 125 of Companies Act, 2013.

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