The 'Job Work' under GST means: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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Which of the following is an example of a deferred revenue expenditure?
Correct Answer: Option B
Explanation:
A heavy advertising campaign for a new product provides benefits over multiple years, making it a deferred revenue expenditure.
A heavy advertising campaign for a new product provides benefits over multiple years, making it a deferred revenue expenditure.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which principle states that an asset must be recorded at the price paid to acquire it?
Correct Answer: Option D
Explanation:
The historical cost principle requires that assets be recorded at their original purchase price, irrespective of changes in market value over time.
The historical cost principle requires that assets be recorded at their original purchase price, irrespective of changes in market value over time.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Goods destroyed by fire ₹8,000, insurance company admitted claim of ₹5,000. Loss charged to P&L A/c will be:
Correct Answer: Option D
Explanation:
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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