The 'Concept of Prudence' under Ind AS is: MCQ with Answer and Explanation
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Question #1
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A 'Cost Audit' is mandated for certain companies under:
Correct Answer: Option D
Explanation:
Cost audit is required for specified companies as per Section 148 of Companies Act, 2013.
Cost audit is required for specified companies as per Section 148 of Companies Act, 2013.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under Indian tax law, 'Assessment Year' means:
Correct Answer: Option C
Explanation:
Assessment year is the year in which income of the previous year is assessed and taxed.
Assessment year is the year in which income of the previous year is assessed and taxed.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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If the Trial Balance does not tally, the difference is temporarily transferred to:
Correct Answer: Option A
Explanation:
A Suspense Account is opened temporarily to bridge the gap in a mismatched trial balance until the errors are located and rectified.
A Suspense Account is opened temporarily to bridge the gap in a mismatched trial balance until the errors are located and rectified.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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