Closing stock is valued at: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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The 'Time of Supply' for goods under GST is earliest of:
Correct Answer: Option B
Explanation:
Time of supply is the earlier of invoice date or receipt of payment.
Time of supply is the earlier of invoice date or receipt of payment.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Accounting Policy Changes' are applied:
Correct Answer: Option A
Explanation:
Ind AS 8 requires retrospective application of changes in accounting policies.
Ind AS 8 requires retrospective application of changes in accounting policies.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Assertion (A): Under Ind AS 16, land and buildings are separable assets and are accounted for separately. Reason (R): Land generally has an infinite useful life, whereas buildings have a limited useful life. Choose the correct option.
Correct Answer: Option B
Explanation:
Ind AS 16 requires separate accounting for land and buildings because they have different useful lives. Land is usually not depreciated (infinite life), while buildings are depreciated over their finite useful lives. R correctly explains A.
Ind AS 16 requires separate accounting for land and buildings because they have different useful lives. Land is usually not depreciated (infinite life), while buildings are depreciated over their finite useful lives. R correctly explains A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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