Discount Allowed is considered a: MCQ with Answer and Explanation
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Question #1
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Which of the following is an example of an 'Artificial Personal Account'?
Correct Answer: Option B
Explanation:
Corporations and companies are artificial persons created by law, distinguishing them from natural persons (Ramesh) or representative accounts.
Corporations and companies are artificial persons created by law, distinguishing them from natural persons (Ramesh) or representative accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'XBRL' (eXtensible Business Reporting Language) is used for:
Correct Answer: Option B
Explanation:
XBRL facilitates digital reporting of financial statements in a machine-readable format.
XBRL facilitates digital reporting of financial statements in a machine-readable format.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: The Current Ratio measures long-term solvency. S2: The Debt-Equity Ratio measures short-term liquidity. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
The Current Ratio measures short-term liquidity, not long-term solvency. The Debt-Equity Ratio measures long-term solvency, not short-term liquidity. Both statements have swapped the definitions. Both are incorrect.
The Current Ratio measures short-term liquidity, not long-term solvency. The Debt-Equity Ratio measures long-term solvency, not short-term liquidity. Both statements have swapped the definitions. Both are incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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