The 'Accounting Equation' remains intact under: MCQ with Answer and Explanation
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Question #1
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If BRS is prepared starting with a credit balance as per Cash Book (overdraft), interest allowed by the bank will be:
Correct Answer: Option A
Explanation:
Interest allowed reduces the actual bank overdraft (Pass book). To make the Cash book overdraft match this lower figure, it must be deducted.
Interest allowed reduces the actual bank overdraft (Pass book). To make the Cash book overdraft match this lower figure, it must be deducted.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the Companies Act, 2013, a company must maintain its books of accounts on which basis?
Correct Answer: Option B
Explanation:
Section 128 of the Companies Act, 2013, mandates that companies must maintain books of accounts on an accrual basis and according to the double-entry system.
Section 128 of the Companies Act, 2013, mandates that companies must maintain books of accounts on an accrual basis and according to the double-entry system.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Integrated Reporting (IR) differs from traditional financial reporting because it:
Correct Answer: Option A
Explanation:
IR provides a holistic view of the organization by interconnecting financial performance with sustainability, capitals (human, natural), and strategy.
IR provides a holistic view of the organization by interconnecting financial performance with sustainability, capitals (human, natural), and strategy.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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