The 'Ind AS 24' on Related Party Disclosures requires disclosure of: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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In a single entry system, what account is prepared to find out the figure of credit sales?
Correct Answer: Option A
Explanation:
A Total Debtors Account is constructed. The balancing figure (usually on the debit side) reveals the credit sales during the period.
A Total Debtors Account is constructed. The balancing figure (usually on the debit side) reveals the credit sales during the period.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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An amended Cash Book is prepared to correct:
Correct Answer: Option A
Explanation:
An amended cash book is prepared to adjust omissions (like bank charges) and errors in the cash book before preparing the final BRS.
An amended cash book is prepared to adjust omissions (like bank charges) and errors in the cash book before preparing the final BRS.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Assertion (A): Single Entry System is considered unscientific. Reason (R): It does not strictly follow the dual aspect principle for all transactions.
Correct Answer: Option A
Explanation:
Single entry is unscientific and incomplete because it ignores the two-fold aspect (debit and credit) for many transactions, maintaining only cash and personal accounts.
Single entry is unscientific and incomplete because it ignores the two-fold aspect (debit and credit) for many transactions, maintaining only cash and personal accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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