Which of the following is a feature of financial management? MCQ with Answer and Explanation
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Question #1
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For real accounts, the rule is:
Correct Answer: Option B
Explanation:
Real accounts (assets) follow: Debit what comes in, credit what goes out.
Real accounts (assets) follow: Debit what comes in, credit what goes out.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by:
Correct Answer: Option A
Explanation:
Non-company entities follow AS issued by ICAI.
Non-company entities follow AS issued by ICAI.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following is an example of a 'Revenue Reserve'?
Correct Answer: Option A
Explanation:
General reserve is created from revenue profits, hence a revenue reserve. Securities premium and capital redemption reserve are capital reserves. Revaluation reserve arises from revaluation of assets, also capital.
General reserve is created from revenue profits, hence a revenue reserve. Securities premium and capital redemption reserve are capital reserves. Revaluation reserve arises from revaluation of assets, also capital.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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