Social Accounting is also known as: MCQ with Answer and Explanation
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Question #1
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The 'Lease Liability' under Ind AS 116 is measured at:
Correct Answer: Option B
Explanation:
Lease liability is initially measured at present value of future lease payments.
Lease liability is initially measured at present value of future lease payments.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Assertion (A): Capital is treated as an internal liability of the business. Reason (R): The business and its owner are considered distinct entities under the Business Entity Concept.
Correct Answer: Option D
Explanation:
The Business Entity Concept treats the owner as a separate entity from the business, making the capital invested by the owner an internal liability.
The Business Entity Concept treats the owner as a separate entity from the business, making the capital invested by the owner an internal liability.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Standard Deduction' for family pension under the new tax regime is:
Correct Answer: Option C
Explanation:
Family pension deduction is available under both regimes at ₹15,000 or 1/3rd of pension, whichever is less.
Family pension deduction is available under both regimes at ₹15,000 or 1/3rd of pension, whichever is less.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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