Recent developments in accounting include the increased use of: MCQ with Answer and Explanation

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Recent developments in accounting include the increased use of:

A. Single entry only

B. Paper-based ledgers

C. Cloud accounting and AI

D. Manual voucher posting

Answer: Option C

Solution (By JKExamLibrary)

Technological advancements like cloud accounting, artificial intelligence, and blockchain are recent trends.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Dual GST' model in India comprises:

A. Only IGST

B. Only CGST

C. CGST and SGST/UTGST

D. CGST and IGST

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Correct Answer: Option C

Explanation:
Dual GST includes Central GST and State GST simultaneously on intra-state supplies.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

Which of the following describes 'Deferred Revenue Expenditure'?

A. Buying a building

B. Payment of outstanding wages

C. Routine repairs to machinery

D. Heavy initial advertising campaign for a new product

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Correct Answer: Option D

Explanation:
It is a revenue expense whose benefit is expected to extend beyond one accounting period, so it is amortized over a few years.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

A 'Bank Overdraft' is shown in Balance Sheet as:

A. Long-term liability

B. Current asset

C. Current liability

D. Contra asset

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Correct Answer: Option C

Explanation:
Bank overdraft is repayable on demand, hence a current liability.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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