A statutory audit is mandatory under: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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Which concept dictates that personal expenses of the owner paid from the business account should be treated as drawings?
Correct Answer: Option D
Explanation:
The Business Entity Concept treats the owner and the business as two distinct legal entities, separating personal and business transactions.
The Business Entity Concept treats the owner and the business as two distinct legal entities, separating personal and business transactions.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Activity Based Costing' (ABC) is more suitable for:
Correct Answer: Option D
Explanation:
ABC works best where overheads are high and diverse, and products consume resources differently.
ABC works best where overheads are high and diverse, and products consume resources differently.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following is a 'Subsidiary Book'?
Correct Answer: Option C
Explanation:
Sales Day Book is a subsidiary book for recording credit sales.
Sales Day Book is a subsidiary book for recording credit sales.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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