A credit balance in the bank column of a cash book signifies: MCQ with Answer and Explanation
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Question #1
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The 'Convergence' of accounting standards means:
Correct Answer: Option C
Explanation:
Convergence involves making domestic standards consistent with IFRS, with modifications if necessary.
Convergence involves making domestic standards consistent with IFRS, with modifications if necessary.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The due date for filing GSTR-1 (monthly) is:
Correct Answer: Option B
Explanation:
For monthly filers, GSTR-1 is due on 11th of the following month.
For monthly filers, GSTR-1 is due on 11th of the following month.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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If a partner is guaranteed a minimum profit of ₹50,000 and his share of profit is ₹40,000, the deficiency of ₹10,000 will be borne by:
Correct Answer: Option A
Explanation:
The deficiency in the guaranteed profit is borne by the partner(s) who gave the guarantee, in their profit-sharing ratio for the guarantee.
The deficiency in the guaranteed profit is borne by the partner(s) who gave the guarantee, in their profit-sharing ratio for the guarantee.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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