Which of the following is not an external user of accounting information? MCQ with Answer and Explanation
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Question #1
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The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at:
Correct Answer: Option A
Explanation:
EPCG allows import of capital goods at reduced duty against export commitment.
EPCG allows import of capital goods at reduced duty against export commitment.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is true regarding a Trial Balance?
Correct Answer: Option B
Explanation:
Trial balance only checks arithmetical accuracy; it does not detect all errors, especially errors of principle.
Trial balance only checks arithmetical accuracy; it does not detect all errors, especially errors of principle.
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 personal account?
Correct Answer: Option B
Explanation:
Ramesh's Account represents a specific person, making it a personal account. The rule is 'Debit the receiver, credit the giver'.
Ramesh's Account represents a specific person, making it a personal account. The rule is 'Debit the receiver, credit the giver'.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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