XBRL stands for: MCQ with Answer and Explanation

Question

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XBRL stands for:

A. Extra Balance and Revenue Ledger

B. Extensible Business Reporting Language

C. Extended Banking Reporting Ledger

D. External Business Record Language

Answer: Option B

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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A: Internal audit is a continuous process. R: Internal audit is conducted by the statutory auditor. Choose the correct option.

A. A is true but R is false

B. Both A and R are true and R is the correct explanation of A

C. Both A and R are true but R is NOT the correct explanation of A

D. A is false but R is true

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Correct Answer: Option A

Explanation:
Internal audit is a continuous, ongoing appraisal system by the management. It is conducted by internal audit staff, not the statutory (external) auditor, who conducts the annual financial audit. A is true, R is false.

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

Question #2

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In the Balance Sheet, assets are typically arranged in the order of:

A. Alphabetical order

B. Date of purchase

C. Liquidity or Permanence

D. Profitability or Loss

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Correct Answer: Option C

Explanation:
Marshalling of balance sheet assets is done either in the order of liquidity (most liquid first) or permanence (most fixed first).

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Question #3

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The 'Sale and Leaseback' transaction: If the transfer qualifies as a sale under Ind AS 115, the seller-lessee:

A. Derecognises the asset and recognises a right-of-use asset at the proportion of the previous carrying amount related to the right retained

B. No entry

C. Keeps the asset

D. Treats as operating lease

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Correct Answer: Option A

Explanation:
Under Ind AS 116, the seller-lessee only recognises a right-of-use asset for the part retained.

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

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