A 'Cash Generating Unit' is defined under: MCQ with Answer and Explanation
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Question #1
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The 'Correction of an Error' (Ind AS 8) is done:
Correct Answer: Option B
Explanation:
Material prior period errors are corrected retrospectively.
Material prior period errors are corrected retrospectively.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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If a bill is discounted with the bank, the account debited in the books of the drawer is:
Correct Answer: Option D
Explanation:
When a bill is discounted, the bank gives cash (or credits the bank account) before the due date, so the Bank Account is debited.
When a bill is discounted, the bank gives cash (or credits the bank account) before the due date, so the Bank Account is debited.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Bank Overdraft appears in the balance sheet under:
Correct Answer: Option C
Explanation:
Bank overdraft is a short-term borrowing repayable on demand, hence classified as a Current Liability.
Bank overdraft is a short-term borrowing repayable on demand, hence classified as a Current Liability.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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