A firm's insurance premium paid for proprietor's life is treated as: MCQ with Answer and Explanation
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Question #1
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Under Ind AS 115, if an entity receives a non-refundable upfront fee and has no further performance obligations, when should the revenue be recognized?
Correct Answer: Option D
Explanation:
Ind AS 115 states that if an upfront fee relates to a good or service and there are no further performance obligations, revenue is recognized when control of that good or service is transferred.
Ind AS 115 states that if an upfront fee relates to a good or service and there are no further performance obligations, revenue is recognized when control of that good or service is transferred.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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If a partner's capital account shows a debit balance at the end, it means:
Correct Answer: Option B
Explanation:
A debit balance in a partner's capital (current) account indicates a net debit, i.e., the partner is indebted to the firm.
A debit balance in a partner's capital (current) account indicates a net debit, i.e., the partner is indebted to the firm.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Standard Deduction available to salaried employees under Section 16(ia) for FY 2023-24 is:
Correct Answer: Option D
Explanation:
A flat standard deduction of Rs 50,000 is allowed from the gross salary income.
A flat standard deduction of Rs 50,000 is allowed from the gross salary income.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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