The 'Form 26AS' is a statement of: MCQ with Answer and Explanation
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Question #1
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Which of the following describes 'Value Added' in social accounting?
Correct Answer: Option C
Explanation:
Value added represents the wealth created by the firm, calculated as sales revenue minus the cost of materials/services bought from outside.
Value added represents the wealth created by the firm, calculated as sales revenue minus the cost of materials/services bought from outside.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under Ind AS 109, a debt instrument can be measured at Amortized Cost only if it passes which two tests?
Correct Answer: Option B
Explanation:
For a financial asset to be measured at Amortized Cost under Ind AS 109, it must pass the Business Model test (held to collect contractual cash flows) and the SPPI test (cash flows are solely payments of principal and interest).
For a financial asset to be measured at Amortized Cost under Ind AS 109, it must pass the Business Model test (held to collect contractual cash flows) and the SPPI test (cash flows are solely payments of principal and interest).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Internal Financial Controls' reporting is required under:
Correct Answer: Option C
Explanation:
Auditor's report must state whether the company has adequate internal financial controls system.
Auditor's report must state whether the company has adequate internal financial controls system.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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