The 'International Accounting Standards Board' (IASB) issues: MCQ with Answer and Explanation
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Question #1
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S1: Margin of Safety is the excess of break-even sales over actual sales. S2: Margin of Safety is calculated as (Actual Sales - Break-Even Sales). Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Margin of Safety is the excess of *actual* or *budgeted* sales over the break-even sales, not the other way around. S1 is incorrect. S2 correctly states the formula: Actual Sales - Break-Even Sales.
Margin of Safety is the excess of *actual* or *budgeted* sales over the break-even sales, not the other way around. S1 is incorrect. S2 correctly states the formula: Actual Sales - Break-Even Sales.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Job Work' under GST means:
Correct Answer: Option A
Explanation:
Job work involves undertaking a process on goods owned by another person.
Job work involves undertaking a process on goods owned by another person.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Goods and Services Tax' on healthcare services is:
Correct Answer: Option C
Explanation:
Healthcare services are generally exempt from GST.
Healthcare services are generally exempt from GST.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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