The concept of 'Materiality' implies that: MCQ with Answer and Explanation
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Question #1
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Which of the following items is not an appropriation of profit in a partnership firm?
Correct Answer: Option A
Explanation:
Rent paid to partner is a charge against profit (debited to P&L A/c), not an appropriation. Others are appropriations.
Rent paid to partner is a charge against profit (debited to P&L A/c), not an appropriation. Others are appropriations.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under PFMS, the centralized system module that facilitates direct payment to beneficiaries is called:
Correct Answer: Option D
Explanation:
The Direct Benefit Transfer (DBT) module in PFMS directly routes welfare funds into the authenticated bank accounts of citizens.
The Direct Benefit Transfer (DBT) module in PFMS directly routes welfare funds into the authenticated bank accounts of citizens.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A 'Contra Entry' is recorded in:
Correct Answer: Option A
Explanation:
Contra entries (like cash deposited into bank) involve both cash and bank, recorded in cash book.
Contra entries (like cash deposited into bank) involve both cash and bank, recorded in cash book.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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