A compound journal entry is an entry that: MCQ with Answer and Explanation
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Question #1
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S1: Goods distributed as free samples are debited to the Advertising Account. S2: Goods distributed as charity are debited to the Charities Account. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Free samples are treated as a promotional expense (Advertising). Free charity goods are treated as a charitable donation. Both require debiting their respective nominal accounts.
Free samples are treated as a promotional expense (Advertising). Free charity goods are treated as a charitable donation. Both require debiting their respective nominal accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Ind AS 116 deals with:
Correct Answer: Option A
Explanation:
Ind AS 116, corresponding to IFRS 16, sets out principles for recognition, measurement, presentation, and disclosure of leases.
Ind AS 116, corresponding to IFRS 16, sets out principles for recognition, measurement, presentation, and disclosure of leases.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Payment of Bonus Act, 1965' is applicable to:
Correct Answer: Option A
Explanation:
The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).
The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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