'Prepaid Expenses' are shown as: MCQ with Answer and Explanation
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Question #1
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A 'Drawings' account is a:
Correct Answer: Option A
Explanation:
Drawings account represents the proprietor, hence it is a personal account.
Drawings account represents the proprietor, hence it is a personal account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Deductions for investments in PPF, LIC, and ELSS fall under which section of the Income Tax Act?
Correct Answer: Option D
Explanation:
Section 80C allows a maximum deduction of Rs 1.5 Lakhs for specified investments and expenditures.
Section 80C allows a maximum deduction of Rs 1.5 Lakhs for specified investments and expenditures.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: Ind AS 115 deals with Revenue from Contracts with Customers. S2: Ind AS 116 deals with Leases. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Ind AS 115 prescribes the principles for recognizing revenue from contracts with customers. Ind AS 116 specifies the accounting for leases. Both statements correctly identify the respective standards.
Ind AS 115 prescribes the principles for recognizing revenue from contracts with customers. Ind AS 116 specifies the accounting for leases. Both statements correctly identify the respective standards.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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