The 'Principal vs Agent' consideration under Ind AS 115 determines: MCQ with Answer and Explanation

Question Report Error

The 'Principal vs Agent' consideration under Ind AS 115 determines:

A. The tax rate

B. Timing of revenue

C. Whether revenue is recognised gross or net

D. Discounting

Answer: Option C

Solution (By JKExamLibrary)

Principal reports revenue gross; agent reports only commission/fee.

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

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Provision for doubtful debts is created based on:

A. Convention of consistency

B. Convention of conservatism

C. Convention of materiality

D. Convention of disclosure

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Correct Answer: Option B

Explanation:
Creating provision for doubtful debts is an application of conservatism, anticipating possible losses.

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

Question #2 Report Error

The column 'J.F.' in a ledger account stands for:

A. Journal Factor

B. Journal Folio

C. Journal Format

D. Joint Finance

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Correct Answer: Option B

Explanation:
Journal Folio (J.F.) indicates the page number of the journal from where the specific entry was posted.

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

Question #3 Report Error

The 'Stratified Sampling' in audit is used to:

A. Select all items

B. Select a representative sample from sub-populations

C. Audit only large value items

D. Ignore sampling

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Correct Answer: Option B

Explanation:
Stratification divides population into subgroups with similar characteristics to improve audit efficiency.

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

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