The 'Threats to Independence' include: MCQ with Answer and Explanation
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Question #1
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According to AS-2 (Valuation of Inventories), which cost formula is widely accepted for measuring historical cost of inventory?
Correct Answer: Option A
Explanation:
AS-2 recommends FIFO or Weighted Average Cost. LIFO is generally not permitted under Indian Accounting Standards.
AS-2 recommends FIFO or Weighted Average Cost. LIFO is generally not permitted under Indian Accounting Standards.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Notes to Accounts are provided to:
Correct Answer: Option C
Explanation:
Notes to Accounts offer detailed breakdowns, accounting policies, and explanatory information supporting the numbers in the financial statements.
Notes to Accounts offer detailed breakdowns, accounting policies, and explanatory information supporting the numbers in the financial statements.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under GST, the 'Composition Scheme' is not available to which of the following?
Correct Answer: Option D
Explanation:
The Composition Scheme under GST is specifically barred for suppliers of services (other than restaurant services), casual taxable persons, non-resident taxable persons, and suppliers of ice cream, pan masala, tobacco, and casino/gambling services.
The Composition Scheme under GST is specifically barred for suppliers of services (other than restaurant services), casual taxable persons, non-resident taxable persons, and suppliers of ice cream, pan masala, tobacco, and casino/gambling services.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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