The 'Baggage Rules' under Customs provide for: MCQ with Answer and Explanation
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Question #1
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S1: Under Ind AS 36, an impairment loss recognized in prior periods for an asset other than goodwill must be reversed if there has been a change in the estimates used to determine the asset's recoverable amount. S2: The increased carrying amount of an asset due to reversal of an impairment loss cannot exceed the carrying amount that would have been determined had no impairment loss been recognized. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Both statements are correct as per Ind AS 36. Impairment losses (except for goodwill) must be reversed when conditions change, but the asset's carrying amount cannot exceed its hypothetical carrying amount (net of depreciation) had no impairment occurred.
Both statements are correct as per Ind AS 36. Impairment losses (except for goodwill) must be reversed when conditions change, but the asset's carrying amount cannot exceed its hypothetical carrying amount (net of depreciation) had no impairment occurred.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under AS 19 'Leases', a lease is classified as finance lease if:
Correct Answer: Option B
Explanation:
Finance lease transfers substantially all risks and rewards of ownership to the lessee.
Finance lease transfers substantially all risks and rewards of ownership to the lessee.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Petty Cash Book' is maintained on the imprest system. If the imprest amount is ₹2,000 and petty expenses are ₹1,400, the reimbursement required is:
Correct Answer: Option C
Explanation:
Reimbursement should equal the amount spent, i.e., ₹1,400, to restore the imprest amount.
Reimbursement should equal the amount spent, i.e., ₹1,400, to restore the imprest amount.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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