Provision for doubtful debts created at the year-end is debited to: MCQ with Answer and Explanation
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Question #1
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In the context of the Indian Financial System, the 'Forward Markets Commission' (FMC) was the regulator for which market before its merger with SEBI?
Correct Answer: Option B
Explanation:
The Forward Markets Commission (FMC) was the regulatory authority for the commodity derivatives market in India before it was merged with SEBI in 2015.
The Forward Markets Commission (FMC) was the regulatory authority for the commodity derivatives market in India before it was merged with SEBI in 2015.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'FASB' is the accounting standard-setting body of:
Correct Answer: Option A
Explanation:
Financial Accounting Standards Board (FASB) sets US GAAP.
Financial Accounting Standards Board (FASB) sets US GAAP.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The process of critically reviewing a company's budget to justify every cost as if the activity is being undertaken for the first time is called:
Correct Answer: Option C
Explanation:
Zero-Based Budgeting mandates that no budget base is carried forward automatically; everything must be justified from ground zero.
Zero-Based Budgeting mandates that no budget base is carried forward automatically; everything must be justified from ground zero.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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