A fundamental feature of the Cash Basis of Accounting is that: MCQ with Answer and Explanation
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Question #1
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In the context of PFMS, the 'Treasury Single Account' (TSA) is maintained with:
Correct Answer: Option C
Explanation:
The TSA is a unified bank account of the government, and it is maintained with the Reserve Bank of India (RBI), which acts as the banker to the government.
The TSA is a unified bank account of the government, and it is maintained with the Reserve Bank of India (RBI), which acts as the banker to the government.
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Accountancy and Book Keeping
Question #2
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S1: A triple column cash book records cash, bank, and discount transactions. S2: A contra entry in a cash book involves both cash and bank columns. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
A triple column cash book has columns for cash, bank, and discount on both sides. A contra entry occurs when transactions involve both cash and bank (e.g., cash deposited into bank), affecting both columns.
A triple column cash book has columns for cash, bank, and discount on both sides. A contra entry occurs when transactions involve both cash and bank (e.g., cash deposited into bank), affecting both columns.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Ind AS 115' replaces which earlier standards?
Correct Answer: Option A
Explanation:
Ind AS 115 supersedes AS 9 (Revenue Recognition) and AS 7 (Construction Contracts).
Ind AS 115 supersedes AS 9 (Revenue Recognition) and AS 7 (Construction Contracts).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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