Which of the following is a key feature of 'Ind AS 115' (Revenue from Contracts with Customers)? MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
A suspense account with a credit balance indicates that:
Correct Answer: Option B
Explanation:
To force the Trial Balance to tally, a credit balance is placed in the suspense account to compensate for a heavier debit side.
To force the Trial Balance to tally, a credit balance is placed in the suspense account to compensate for a heavier debit side.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
The 'Customs Act, 1962' levies duty on:
Correct Answer: Option D
Explanation:
Customs duty is on imports and exports.
Customs duty is on imports and exports.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
The 'Margin of Safety' is ₹2,00,000 and the P/V ratio is 25%. The profit is:
Correct Answer: Option C
Explanation:
Profit = Margin of safety × P/V ratio = 2,00,000 × 25% = ₹50,000.
Profit = Margin of safety × P/V ratio = 2,00,000 × 25% = ₹50,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!