The 'Financial Instruments' (Ind AS 109) classify financial assets into: MCQ with Answer and Explanation
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Question #1
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Which of the following is a recent development in accounting?
Correct Answer: Option C
Explanation:
Blockchain is an emerging technology enabling triple-entry accounting, enhancing transparency and security.
Blockchain is an emerging technology enabling triple-entry accounting, enhancing transparency and security.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Provisional Assessment' under GST can be requested when:
Correct Answer: Option D
Explanation:
Provisional assessment under Section 60 allows payment of tax on a provisional basis when valuation/rate is uncertain.
Provisional assessment under Section 60 allows payment of tax on a provisional basis when valuation/rate is uncertain.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In a partnership firm, if the Profit Sharing Ratio is changed, accumulated profits are distributed among partners in their:
Correct Answer: Option C
Explanation:
Accumulated profits were earned in the past when the old ratio was applicable; thus, they belong to the partners in their old profit sharing ratio.
Accumulated profits were earned in the past when the old ratio was applicable; thus, they belong to the partners in their old profit sharing ratio.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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