The 'Financial Instruments' standard is: MCQ with Answer and Explanation
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Question #1
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An unrecorded bank charge for ₹150 will be treated in BRS starting with Cash Book balance (Dr.):
Correct Answer: Option D
Explanation:
Bank charges have been debited by bank in passbook, reducing the balance, but not recorded in cash book. To reconcile from cash book to passbook, we deduct the charges.
Bank charges have been debited by bank in passbook, reducing the balance, but not recorded in cash book. To reconcile from cash book to passbook, we deduct the charges.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Voucher' approach in accounting helps to:
Correct Answer: Option C
Explanation:
Voucher system ensures that every transaction is supported by documentary evidence and approval.
Voucher system ensures that every transaction is supported by documentary evidence and approval.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The Income Tax Act defines 'Assessment Year' as the period of 12 months commencing on:
Correct Answer: Option C
Explanation:
The Assessment Year in India is a uniform 12-month period beginning on the 1st of April and ending on the 31st of March.
The Assessment Year in India is a uniform 12-month period beginning on the 1st of April and ending on the 31st of March.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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