Ind AS (Indian Accounting Standards) are converged with: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
The term 'Virement' in budgetary control refers to:
Correct Answer: Option B
Explanation:
Virement is the process of transferring funds from one budget head to another to meet unforeseen expenses without increasing the total budget.
Virement is the process of transferring funds from one budget head to another to meet unforeseen expenses without increasing the total budget.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
A: Input Tax Credit (ITC) allows a business to reduce the tax it has already paid on inputs. R: ITC prevents the cascading effect of taxes (tax on tax). Choose the correct option.
Correct Answer: Option C
Explanation:
ITC allows businesses to claim credit for taxes paid on purchases against their output tax liability. This ensures tax is only levied on the value added at each stage, eliminating the cascading effect. R correctly explains the purpose of ITC.
ITC allows businesses to claim credit for taxes paid on purchases against their output tax liability. This ensures tax is only levied on the value added at each stage, eliminating the cascading effect. R correctly explains the purpose of ITC.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
S1: Vouching checks the arithmetical accuracy of the books. S2: Vouching checks the authenticity of the transactions. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
Vouching is the examination of documentary evidence to verify the authenticity and accuracy of transactions, not their arithmetical accuracy (which is checked by the Trial Balance). S1 is incorrect, S2 is correct.
Vouching is the examination of documentary evidence to verify the authenticity and accuracy of transactions, not their arithmetical accuracy (which is checked by the Trial Balance). S1 is incorrect, S2 is correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!