The 'Employees' State Insurance' (ESI) scheme provides: MCQ with Answer and Explanation
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Question #1
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S1: Under Ind AS 115, a 'Contract Asset' is an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer, when that right is conditioned on something other than the passage of time. S2: A 'Contract Liability' is an entity's obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
Both statements correctly define Contract Asset and Contract Liability as per Ind AS 115. A contract asset is conditional on future performance, while a receivable is unconditional. A contract liability is the obligation to perform after receiving payment.
Both statements correctly define Contract Asset and Contract Liability as per Ind AS 115. A contract asset is conditional on future performance, while a receivable is unconditional. A contract liability is the obligation to perform after receiving payment.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Termination Benefits' under Ind AS 19 are recognised:
Correct Answer: Option D
Explanation:
Termination benefits are recognised at the point of no withdrawal.
Termination benefits are recognised at the point of no withdrawal.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The rate of interest on calls-in-advance as per Table F is:
Correct Answer: Option C
Explanation:
As per Table F of Companies Act, interest on calls in advance is 12% p.a.
As per Table F of Companies Act, interest on calls in advance is 12% p.a.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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