Assertion (A): Under Ind AS 32, a preference share that mandates redemption by the issuer is classified as a financial liability. Reason (R): The issuer has a contractual obligation to deliver cash or another financial asset to the holder. Choose the correct option. MCQ with Answer and Explanation
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Question #1
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In the context of taxation, TDS stands for:
Correct Answer: Option B
Explanation:
TDS stands for Tax Deducted at Source, a mechanism where tax is collected at the very source of income generation.
TDS stands for Tax Deducted at Source, a mechanism where tax is collected at the very source of income generation.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under single entry system, opening capital is ascertained by preparing:
Correct Answer: Option C
Explanation:
In single entry, a statement of affairs (similar to balance sheet) is prepared to ascertain opening and closing capital.
In single entry, a statement of affairs (similar to balance sheet) is prepared to ascertain opening and closing capital.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A 'Provision' is recognized when:
Correct Answer: Option A
Explanation:
As per AS 29, provision is recognized when these three conditions are met.
As per AS 29, provision is recognized when these three conditions are met.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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