S1: Ind AS 116 deals with Leases. S2: Ind AS 116 requires lessees to recognize a right-of-use asset and a lease liability. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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S1: Internal check is a system of routine checks. S2: Internal check is conducted by external auditors. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
Internal check is a routine system where the work of one employee is automatically checked by another to prevent errors and frauds. It is an internal management function, not conducted by external auditors. S1 is correct, S2 is incorrect.
Internal check is a routine system where the work of one employee is automatically checked by another to prevent errors and frauds. It is an internal management function, not conducted by external auditors. S1 is correct, S2 is incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is a capital receipt?
Correct Answer: Option D
Explanation:
Sale of fixed asset, even if profit, is a capital receipt; the profit portion may be revenue, but the sale proceeds are capital.
Sale of fixed asset, even if profit, is a capital receipt; the profit portion may be revenue, but the sale proceeds are capital.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the context of PFMS, what is the primary purpose of the 'Online Payroll and Attendance System' (e-Payroll) module?
Correct Answer: Option A
Explanation:
The e-Payroll module in PFMS is designed to digitize the generation, processing, and payment of salary bills for government employees, ensuring transparency and reducing paperwork.
The e-Payroll module in PFMS is designed to digitize the generation, processing, and payment of salary bills for government employees, ensuring transparency and reducing paperwork.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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