Under single entry system, which of the following is usually not maintained? MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
Assertion (A): The 'Going Concern' assumption implies that the enterprise will continue in operation for the foreseeable future. Reason (R): This assumption justifies the preparation of financial statements on a historical cost basis rather than a liquidation value basis. Choose the correct option.
Correct Answer: Option D
Explanation:
The Going Concern assumption means the business will not liquidate. This justifies using historical cost and depreciating assets over their useful lives, rather than valuing them at immediate break-up or liquidation values. R correctly explains A.
The Going Concern assumption means the business will not liquidate. This justifies using historical cost and depreciating assets over their useful lives, rather than valuing them at immediate break-up or liquidation values. R correctly explains A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
S1: TDS stands for Tax Deducted at Source. S2: TDS is a direct tax. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
TDS stands for Tax Deducted at Source, a mechanism for collecting income tax. However, TDS is a *mode of collection* for direct taxes (like Income Tax), not a tax itself. S1 is correct, S2 is conceptually inaccurate as TDS is a collection method.
TDS stands for Tax Deducted at Source, a mechanism for collecting income tax. However, TDS is a *mode of collection* for direct taxes (like Income Tax), not a tax itself. S1 is correct, S2 is conceptually inaccurate as TDS is a collection method.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
Social Accounting primarily measures:
Correct Answer: Option A
Explanation:
It quantifies social costs and benefits generated by an enterprise.
It quantifies social costs and benefits generated by an enterprise.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!