Under single entry system, it is often difficult to prepare: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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The 'Activity Based Costing' (ABC) is more suitable for:
Correct Answer: Option D
Explanation:
ABC works best where overheads are high and diverse, and products consume resources differently.
ABC works best where overheads are high and diverse, and products consume resources differently.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Income Tax is governed under which schedule of the Indian Constitution?
Correct Answer: Option C
Explanation:
Taxes on income other than agricultural income fall under Entry 82 of List I (Union List) in the Seventh Schedule.
Taxes on income other than agricultural income fall under Entry 82 of List I (Union List) in the Seventh Schedule.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A firm's 'Capital' is equal to:
Correct Answer: Option D
Explanation:
Capital (owner's equity) = Total assets - Outside liabilities.
Capital (owner's equity) = Total assets - Outside liabilities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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