The 'Customs Tariff Act, 1975' prescribes: MCQ with Answer and Explanation
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Question #1
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The primary purpose of preparing a Profit and Loss Account is to find out:
Correct Answer: Option A
Explanation:
The P&L account deduces all indirect expenses from the gross profit to ascertain the final Net Profit or Loss for the period.
The P&L account deduces all indirect expenses from the gross profit to ascertain the final Net Profit or Loss for the period.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The use of 'Smart Contracts' in accounting is a direct result of development in:
Correct Answer: Option C
Explanation:
Smart contracts are self-executing contracts with terms written into lines of code, running on blockchain networks.
Smart contracts are self-executing contracts with terms written into lines of code, running on blockchain networks.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: In the Single Entry System, a Statement of Affairs is prepared instead of a Balance Sheet. S2: The Statement of Affairs is prepared to ascertain the profit or loss. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
The Single Entry System is incomplete, so a Statement of Affairs (similar to a Balance Sheet) is prepared to find the capital at a given date. Profit or loss is ascertained by comparing opening and closing capital, not directly from the Statement of Affairs. S1 is correct, S2 is incorrect.
The Single Entry System is incomplete, so a Statement of Affairs (similar to a Balance Sheet) is prepared to find the capital at a given date. Profit or loss is ascertained by comparing opening and closing capital, not directly from the Statement of Affairs. S1 is correct, S2 is incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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