In the context of recent developments, what is the full form of 'MCA'? MCQ with Answer and Explanation
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Question #1
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The term 'Prepaid Expense' is treated as:
Correct Answer: Option D
Explanation:
Prepaid expenses are treated as current assets because they represent future economic benefits for which payment has already been made.
Prepaid expenses are treated as current assets because they represent future economic benefits for which payment has already been made.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which standard ensures consistency in classifying cash flows from operating, investing, and financing activities in India?
Correct Answer: Option B
Explanation:
Ind AS 7 (equivalent to IAS 7) deals specifically with the preparation and presentation of the Statement of Cash Flows.
Ind AS 7 (equivalent to IAS 7) deals specifically with the preparation and presentation of the Statement of Cash Flows.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In BRS, if overdraft as per pass book is the starting point, bank charges not recorded in cash book will:
Correct Answer: Option A
Explanation:
Bank charges reduce passbook balance, so overdraft increases. So add to overdraft as per passbook.
Bank charges reduce passbook balance, so overdraft increases. So add to overdraft as per passbook.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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