'AS 22' covers: MCQ with Answer and Explanation

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'AS 22' covers:

A. Accounting for Taxes on Income

B. Earnings per share

C. Borrowing costs

D. Impairment of assets

Answer: Option A

Solution (By JKExamLibrary)

AS 22 deals with deferred tax and current tax.

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

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Which of the following is a 'Money Bill' in India?

A. Bill for amendment of Companies Act

B. Finance Bill dealing with taxes

C. Bill on labor reforms

D. Bill on education

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Correct Answer: Option B

Explanation:
Finance Bill is a Money Bill as it deals with taxation and government expenditure.

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

Question #2 Report Error

A 'Vote on Account' is:

A. Supplementary grant

B. Excess grant

C. Final budget passed by Parliament

D. An advance grant to meet expenditure for a part of the year

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Correct Answer: Option D

Explanation:
Vote on Account is a provision for meeting expenses for a short period before the full budget is passed.

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

Question #3 Report Error

The 'Audit Documentation' should be sufficient to:

A. Satisfy management

B. Only remind the auditor

C. Meet legal requirement

D. Enable an experienced auditor, having no previous connection with the audit, to understand the nature, timing, extent of procedures, results, and conclusions

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Correct Answer: Option D

Explanation:
As per SA 230, working papers must stand alone.

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

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