The 'Indian Government Accounting Standards' (IGAS) are issued by: MCQ with Answer and Explanation

The 'Indian Government Accounting Standards' (IGAS) are issued by:

A. Government Accounting Standards Advisory Board (GASAB)

B. ICAI

C. CAG

D. RBI

Answer: Option A

GASAB, under CAG, formulates IGAS for government accounting.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The balance in the Share Forfeiture Account after reissue of forfeited shares is transferred to:

A. Securities Premium Account

B. General Reserve

C. Profit & Loss Account

D. Capital Reserve

Correct Answer: Option D

Explanation:
The profit on reissue of forfeited shares is a capital profit, which is transferred to the Capital Reserve account.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Vivad se Vishwas' scheme relates to:

A. Customs disputes

B. Direct tax disputes

C. Indirect tax disputes

D. GST disputes

Correct Answer: Option B

Explanation:
Vivad se Vishwas is a scheme for settlement of pending income tax disputes.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

Accounting by Non-Profit Organizations (NPOs) usually revolves around which system?

A. Standard Costing

B. Fund Based Accounting

C. Responsibility Accounting

D. Social Accounting

Correct Answer: Option B

Explanation:
NPOs use fund-based accounting where resources are categorized into specific funds based on restrictions placed by donors.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping