The CAG's audit report on government accounts is submitted to: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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Under the Indian Companies Act, 2013, financial statements include:
Correct Answer: Option A
Explanation:
As per Companies Act 2013, financial statements comprise balance sheet, profit and loss account, cash flow statement, statement of changes in equity and any explanatory notes.
As per Companies Act 2013, financial statements comprise balance sheet, profit and loss account, cash flow statement, statement of changes in equity and any explanatory notes.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Subscription received in advance for a non-profit organisation is shown in the Balance Sheet as:
Correct Answer: Option C
Explanation:
It is a liability because it pertains to the future period.
It is a liability because it pertains to the future period.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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'Borrowing Costs' eligible for capitalization are determined as per:
Correct Answer: Option C
Explanation:
AS 16 Borrowing Costs provides guidance on capitalization of borrowing costs on qualifying assets.
AS 16 Borrowing Costs provides guidance on capitalization of borrowing costs on qualifying assets.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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