A: The Accounting Equation is Assets = Liabilities + Capital. R: This equation is based on the Dual Aspect Concept. Choose the correct option. MCQ with Answer and Explanation
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Question #1
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An unregistered partnership firm:
Correct Answer: Option A
Explanation:
An unregistered firm faces disabilities like not being able to enforce its rights in court.
An unregistered firm faces disabilities like not being able to enforce its rights in court.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Integrated Goods and Services Tax' on imports is levied under:
Correct Answer: Option A
Explanation:
IGST on imports is levied under IGST Act read with Customs Tariff Act.
IGST on imports is levied under IGST Act read with Customs Tariff Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following is a 'Non-Voucher' transaction?
Correct Answer: Option A
Explanation:
Depreciation is a non-cash transaction and does not involve a source document like invoice; it's recorded via journal voucher but is not an external voucher. But the term 'non-voucher' might refer to transactions without a supporting document. Depreciation entry has no source document, so it's often a journal entry. The question is ambiguous but likely pointing to depreciation as a non-cash transaction without physical voucher. Answer A.
Depreciation is a non-cash transaction and does not involve a source document like invoice; it's recorded via journal voucher but is not an external voucher. But the term 'non-voucher' might refer to transactions without a supporting document. Depreciation entry has no source document, so it's often a journal entry. The question is ambiguous but likely pointing to depreciation as a non-cash transaction without physical voucher. Answer A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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