A compound journal entry is an entry that: MCQ with Answer and Explanation

Question
A compound journal entry is an entry that:
A. Involves more than one debit or more than one credit account
B. Affects only two accounts
C. Is passed at the end of the year
D. Corrects previous errors
Answer: Option A
Solution (By JKSSB Mock Tests)
A compound entry contains multiple debits and/or multiple credits, combining related transactions on the same date.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which of the following is a 'Non-Cash Expense'?
A. Salaries paid
B. Rent paid
C. Commission paid
D. Depreciation
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Correct Answer: Option D

Explanation:
Depreciation is a non-cash expense as there is no outflow of cash.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the context of recent developments, what is the convergence of Ind-AS with?
A. IFRS
B. UK GAAP
C. US GAAP
D. Chinese Accounting Standards
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Correct Answer: Option A

Explanation:
Ind-AS (Indian Accounting Standards) are converged with IFRS (International Financial Reporting Standards) issued by the IASB.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
'Benami Transactions' are prohibited under:
A. Companies Act
B. Income Tax Act
C. GST Act
D. Benami Transactions (Prohibition) Act, 1988
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Correct Answer: Option D

Explanation:
Benami property transactions are illegal under the Benami Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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