Which of the following is NOT a major consideration in selection and application of accounting policies?

Adoption of different accounting policies by different companies operating in the same industry affects which of the qualitative characteristics the most?

An entity wishes to accelerate its depreciation policy because of changes in the useful life of the asset. How should the change be dealt with?

The cost of inventories of items that are not ordinarily inter-changeable and goods or services produced and segregated for specific projects should be assigned by

X limited has taken machinery on Operating lease for 3 years. Initial yearly rent is ` 10,000. Rent is subject to 5% escalation every year. General inflation rate in the country is also 5% per year. What amount will be charged in the statement of P&L in the first year? Present value of Total rent payment over 3 years is ` 26051.

As per AS 19, a leased asset should be depreciated over the

In the books of seller-lessee, If a sale and leaseback transaction results in a finance lease, any excess or deficiency of sales proceeds over the carrying amount is

If Sale and lease back transaction results in an operating lease and sale price is more than fair value, the Excess amount is

When long-term investments are reclassified as current investments, current investments are valued at

In determining the cost of inventories in accordance with AS 2, it is appropriate to exclude certain costs and recognize them as expenses in the period in which they are incurred. An example of such cost is

Read the statements given below: 1. Goodwill cannot be tested for impairment without allocation to CGU. 2. Corporate assets cannot be tested for impairment without allocation to CGU.

If an investment is acquired in exchange for another asset, it will be valued at

Computer software for a computer-controlled machine tool that cannot operate without that specific software is an integral part of the related hardware and is treated as

N Limited has entered into lease agreement for machinery from S Limited for 10 years for ` 1 lakh per year. Guaranteed scrap value of machinery after 15 years is ` 0.5 lakh unguaranteed scrap value is ` 0.2 lakh. Present Value of ` 1 lakh for 10 years is ` 7 lakh, Present value of ` 0.5 lakh after 15th year is 0.18 lakh & of ` 0.2 lakh is 0.07 lakh. Calculate Unearned Finance Income for S Limited.