Assertion (A): Under Ind AS 41, biological assets are measured at fair value less costs to sell. Reason (R): This is because biological transformation makes historical cost accounting less relevant for these assets. Choose the correct option. MCQ with Answer and Explanation
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Question #1
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Which accounting standard deals with the presentation of financial statements?
Correct Answer: Option D
Explanation:
AS 1 'Disclosure of Accounting Policies' deals with the classification and presentation of financial statements and the disclosure of accounting policies.
AS 1 'Disclosure of Accounting Policies' deals with the classification and presentation of financial statements and the disclosure of accounting policies.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is a 'Qualifying Asset' for borrowing cost capitalisation under AS 16?
Correct Answer: Option C
Explanation:
A qualifying asset requires a substantial period to get ready for intended use/sale.
A qualifying asset requires a substantial period to get ready for intended use/sale.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Secretarial Audit' is mandated for:
Correct Answer: Option B
Explanation:
As per Section 204 of Companies Act, 2013, secretarial audit is mandatory for listed and other prescribed companies.
As per Section 204 of Companies Act, 2013, secretarial audit is mandatory for listed and other prescribed companies.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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