Under the Companies Act 2013, a 'Small Company' is defined based on paid-up share capital and turnover. As per the latest amendments, the paid-up share capital should not exceed: MCQ with Answer and Explanation
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Question #1
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The 'Fair Value' measurement is a key feature of:
Correct Answer: Option A
Explanation:
Ind AS extensively uses fair value for financial instruments, investment property, etc.
Ind AS extensively uses fair value for financial instruments, investment property, etc.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: Depreciation is a non-cash expense. S2: Depreciation reduces the book value of the asset. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
Depreciation is charged to the Profit and Loss Account but does not involve any cash outflow, making it a non-cash expense. It is also credited to the Provision for Depreciation or Asset account, reducing its book value. Both are correct.
Depreciation is charged to the Profit and Loss Account but does not involve any cash outflow, making it a non-cash expense. It is also credited to the Provision for Depreciation or Asset account, reducing its book value. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following is considered a 'Recent Development' in environmental accounting?
Correct Answer: Option B
Explanation:
Accounting for carbon credits (emissions trading) is a modern concept dealing with intangible assets related to environmental compliance.
Accounting for carbon credits (emissions trading) is a modern concept dealing with intangible assets related to environmental compliance.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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