Under 'Ind AS 37', a provision is recognised for: MCQ with Answer and Explanation
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Question #1
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If fixed costs are Rs 1,00,000, selling price is Rs 20, and variable cost is Rs 10 per unit, the Break-Even Sales in Rupees is:
Correct Answer: Option A
Explanation:
Contribution per unit = 20 - 10 = Rs 10. BEP (Units) = 1,00,000 / 10 = 10,000 units. BEP (Sales) = 10,000 * 20 = Rs 2,00,000.
Contribution per unit = 20 - 10 = Rs 10. BEP (Units) = 1,00,000 / 10 = 10,000 units. BEP (Sales) = 10,000 * 20 = Rs 2,00,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the Companies Act, 2013, a company must maintain its books of accounts on which basis?
Correct Answer: Option A
Explanation:
Section 128 of the Companies Act, 2013, mandates that companies must maintain books of accounts on an accrual basis and according to the double-entry system.
Section 128 of the Companies Act, 2013, mandates that companies must maintain books of accounts on an accrual basis and according to the double-entry system.
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 A
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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