The 'Financial Stability and Development Council' (FSDC) is chaired by: MCQ with Answer and Explanation
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Question #1
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The audit report is addressed to:
Correct Answer: Option D
Explanation:
The auditor's report is addressed to the members (shareholders) of the company.
The auditor's report is addressed to the members (shareholders) of the company.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Financial Statements' of a company must comply with:
Correct Answer: Option C
Explanation:
Companies Act 2013 and Accounting Standards govern financial statements.
Companies Act 2013 and Accounting Standards govern financial statements.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Assertion (A): Under Ind AS 16, subsequent expenditure on an item of PPE is capitalized only if it is probable that future economic benefits will flow to the entity and the cost can be measured reliably. Reason (R): Day-to-day servicing and repair costs are expensed as incurred because they do not meet the recognition criteria. Choose the correct option.
Correct Answer: Option C
Explanation:
Ind AS 16 requires capitalization of subsequent costs only if they meet the recognition criteria (future economic benefits and reliable measurement). Routine repairs and servicing do not add future economic benefits, so they are expensed. R correctly explains A.
Ind AS 16 requires capitalization of subsequent costs only if they meet the recognition criteria (future economic benefits and reliable measurement). Routine repairs and servicing do not add future economic benefits, so they are expensed. R correctly explains A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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