Budgetary control involves: MCQ with Answer and Explanation
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Question #1
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The 'Contract Costs' under Ind AS 115 include:
Correct Answer: Option A
Explanation:
Incremental costs (like sales commissions) are capitalised if expected to be recovered.
Incremental costs (like sales commissions) are capitalised if expected to be recovered.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The balance of the Cash Book is:
Correct Answer: Option B
Explanation:
Cash Book is a book of original entry and a ledger account. Its balance represents cash in hand, which is always a debit balance (asset).
Cash Book is a book of original entry and a ledger account. Its balance represents cash in hand, which is always a debit balance (asset).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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When credit sales of Rs 5,000 to Ram are wrongly posted as Rs 500 in his account, it is an error of:
Correct Answer: Option D
Explanation:
An error of commission includes posting wrong amounts. It will cause a mismatch in the Trial Balance.
An error of commission includes posting wrong amounts. It will cause a mismatch in the Trial Balance.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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