Which system of book-keeping is technically referred to as 'Accounting from Incomplete Records'? MCQ with Answer and Explanation

Which system of book-keeping is technically referred to as 'Accounting from Incomplete Records'?

A. Double Entry System

B. Management Accounting

C. Accrual System

D. Single Entry System

Answer: Option D

Single entry system does not maintain a complete record of the dual aspect of every transaction, leading to incomplete records.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Standard Deduction' for salaried individuals under the new tax regime is:

A. ₹40,000

B. ₹50,000

C. ₹75,000

D. ₹1,00,000

Correct Answer: Option C

Explanation:
Finance Act 2024 increased standard deduction to ₹75,000 under new regime.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Annual Return' under GST for a regular dealer is:

A. GSTR-4

B. GSTR-1

C. GSTR-9

D. GSTR-3B

Correct Answer: Option C

Explanation:
GSTR-9 is the annual return for normal taxpayers.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

Which of the following is a 'Subsidiary Book'?

A. Balance Sheet

B. Sales Day Book

C. Profit & Loss Account

D. Trial Balance

Correct Answer: Option B

Explanation:
Sales Day Book is a subsidiary book for recording credit sales.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping