The 'Gratuity' is a: MCQ with Answer and Explanation
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Question #1
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If a debtor becomes insolvent and only 60 paise in a rupee is recovered from his debt of Rs 5,000, the Bad Debts account is debited by:
Correct Answer: Option C
Explanation:
Amount recovered = 60% of 5,000 = Rs 3,000. The irrecoverable amount (Bad Debt) is 40% of 5,000 = Rs 2,000.
Amount recovered = 60% of 5,000 = Rs 3,000. The irrecoverable amount (Bad Debt) is 40% of 5,000 = Rs 2,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: Audit is an independent examination of financial information. S2: Audit is conducted to express an opinion on the financial statements. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Audit is an independent, objective examination of financial statements and related data. The primary objective is to express an opinion on whether they present a true and fair view. Both statements are correct.
Audit is an independent, objective examination of financial statements and related data. The primary objective is to express an opinion on whether they present a true and fair view. Both statements are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The Indian Financial Management System for government accounting follows which method?
Correct Answer: Option D
Explanation:
Government accounting in India is primarily on cash basis, though there are moves towards accrual basis.
Government accounting in India is primarily on cash basis, though there are moves towards accrual basis.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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