In the context of recent developments, what is the full form of 'Ind-AS'? MCQ with Answer and Explanation
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Question #1
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The 'Correction of an Error' (Ind AS 8) is done:
Correct Answer: Option A
Explanation:
Material prior period errors are corrected retrospectively.
Material prior period errors are corrected retrospectively.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A firm's 'Capital' is equal to:
Correct Answer: Option D
Explanation:
Capital (owner's equity) = Total assets - Outside liabilities.
Capital (owner's equity) = Total assets - Outside liabilities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A liability arising from a past event, whose existence depends on a future uncertain event, is known as:
Correct Answer: Option D
Explanation:
Contingent liabilities depend on the outcome of a future event (like a pending lawsuit) and are disclosed in footnotes.
Contingent liabilities depend on the outcome of a future event (like a pending lawsuit) and are disclosed in footnotes.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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