The primary body that formulates Indian Accounting Standards (Ind AS) is the: MCQ with Answer and Explanation
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Question #1
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'Unclaimed Dividend' is shown in Balance Sheet as:
Correct Answer: Option B
Explanation:
Unclaimed dividend is a liability until paid or transferred to IEPF.
Unclaimed dividend is a liability until paid or transferred to IEPF.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Social accounting primarily focuses on:
Correct Answer: Option B
Explanation:
Social accounting measures and reports the social, environmental, and economic effects of business activities on the community.
Social accounting measures and reports the social, environmental, and economic effects of business activities on the community.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under the Income Tax Act, if a house property is self-occupied, what is the Annual Value of that property?
Correct Answer: Option B
Explanation:
Under Section 23(2) of the Income Tax Act, if a house property is used for the owner's own residence (self-occupied), its Annual Value is taken as Nil (Zero).
Under Section 23(2) of the Income Tax Act, if a house property is used for the owner's own residence (self-occupied), its Annual Value is taken as Nil (Zero).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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