The 'Investment Property' (Ind AS 40) is measured initially at: MCQ with Answer and Explanation

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The 'Investment Property' (Ind AS 40) is measured initially at:

A. Cost

B. Net realisable value

C. Replacement value

D. Fair value

Answer: Option A

Solution (By JKExamLibrary)

Initial measurement is at cost; subsequently either cost model or fair value model.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Set-off and Carry Forward' of losses under Income Tax: Speculation loss can be set off against:

A. House property income

B. Salary income

C. Only speculation profit

D. Any business profit

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Correct Answer: Option C

Explanation:
Speculation loss can only be set off against speculation profit.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Forfeiture of Shares' results in:

A. Increase of share capital

B. No change

C. Reduction of share capital

D. Creation of reserve

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Correct Answer: Option C

Explanation:
Forfeiture reduces the share capital by the amount called up, and creates a forfeited shares account (temporary).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The due date for filing GSTR-1 (monthly) is:

A. 20th of next month

B. 10th of next month

C. 11th of next month

D. Last day of month

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Correct Answer: Option C

Explanation:
For monthly filers, GSTR-1 is due on 11th of the following month.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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