The 'Substantive Analytical Procedure' involves: MCQ with Answer and Explanation
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Question #1
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Which accounting principle states that revenue should be recognized only when it is actually earned, not necessarily when cash is received?
Correct Answer: Option D
Explanation:
The Revenue Recognition (Realization) principle dictates that revenue is recognized when the earning process is virtually complete and an exchange has taken place.
The Revenue Recognition (Realization) principle dictates that revenue is recognized when the earning process is virtually complete and an exchange has taken place.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is a feature of a limited liability partnership (LLP)?
Correct Answer: Option A
Explanation:
An LLP is a separate legal entity distinct from its partners, and it enjoys perpetual succession, governed by the LLP Act, 2008.
An LLP is a separate legal entity distinct from its partners, and it enjoys perpetual succession, governed by the LLP Act, 2008.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Blockchain' technology in supply chain finance can provide:
Correct Answer: Option C
Explanation:
Blockchain enables transparent, secure, and instant tracking of transactions.
Blockchain enables transparent, secure, and instant tracking of transactions.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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