NFRA has jurisdiction over: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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When a fixed asset is sold, any profit on sale is credited to:
Correct Answer: Option C
Explanation:
Profit on sale of fixed asset is a revenue gain, shown in Profit & Loss Account.
Profit on sale of fixed asset is a revenue gain, shown in Profit & Loss Account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: Under GST, the 'E-invoice' system generates an Invoice Reference Number (IRN) and a QR code. S2: The IRN is generated by the taxpayer's own accounting software without connecting to the government portal. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
S1 is correct; e-invoicing generates an IRN and QR code. S2 is incorrect because the IRN is generated by the Invoice Registration Portal (IRP) of the government, not locally by the taxpayer's software without validation.
S1 is correct; e-invoicing generates an IRN and QR code. S2 is incorrect because the IRN is generated by the Invoice Registration Portal (IRP) of the government, not locally by the taxpayer's software without validation.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A: Vouching is the examination of documentary evidence. R: Vouching is the same as verification. Choose the correct option.
Correct Answer: Option C
Explanation:
Vouching is indeed the examination of vouchers to verify transactions. However, verification is a broader term that includes proving the existence, ownership, and valuation of assets and liabilities at the balance sheet date. They are not the same. A is true, R is false.
Vouching is indeed the examination of vouchers to verify transactions. However, verification is a broader term that includes proving the existence, ownership, and valuation of assets and liabilities at the balance sheet date. They are not the same. A is true, R is false.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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