Social Accounting primarily benefits: MCQ with Answer and Explanation
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Question #1
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Assertion (A): Under Ind AS 36, if an impairment loss is recognized, the depreciation charge for the asset must be adjusted in future periods. Reason (R): The depreciation charge is based on the revised carrying amount of the asset after the impairment loss. Choose the correct option.
Correct Answer: Option B
Explanation:
Ind AS 36 requires that after recognizing an impairment loss, the asset's depreciation charge must be adjusted to allocate the revised carrying amount over its remaining useful life. R correctly explains A.
Ind AS 36 requires that after recognizing an impairment loss, the asset's depreciation charge must be adjusted to allocate the revised carrying amount over its remaining useful life. R correctly explains A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is not an accounting concept?
Correct Answer: Option C
Explanation:
Dual citizenship is not an accounting concept. Others are fundamental accounting concepts.
Dual citizenship is not an accounting concept. Others are fundamental accounting concepts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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What is the primary scope of a 'Tax Audit' under Section 44AB of the Income Tax Act?
Correct Answer: Option A
Explanation:
A tax audit ensures compliance with the Income Tax Act, preventing tax evasion by verifying deductions and income reporting.
A tax audit ensures compliance with the Income Tax Act, preventing tax evasion by verifying deductions and income reporting.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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