A 'Compound Journal Entry' may include: MCQ with Answer and Explanation

Question
A 'Compound Journal Entry' may include:
A. Only nominal accounts
B. Only one debit and one credit
C. Only personal accounts
D. Multiple debits and multiple credits
Answer: Option D
Solution (By JKSSB Mock Tests)
It can have several accounts affected.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Related Party Disclosures' (Ind AS 24) requires disclosure of:
A. Only sales transactions
B. Only borrowing
C. Key management compensation, related party relationships, and transactions
D. Only parent-subsidiary
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Correct Answer: Option C

Explanation:
Ind AS 24 requires comprehensive disclosures.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A: EOQ (Economic Order Quantity) minimizes the total cost of inventory. R: EOQ balances ordering costs and carrying costs. Choose the correct option.
A. A is true but R is false
B. A is false but R is true
C. Both A and R are true but R is NOT the correct explanation of A
D. Both A and R are true and R is the correct explanation of A
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Correct Answer: Option D

Explanation:
EOQ is the order quantity that minimizes total inventory costs. It achieves this by finding the point where total ordering costs equal total carrying costs. R correctly explains the mechanism of EOQ.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Investment Property' (Ind AS 40) is measured initially at:
A. Fair value
B. Replacement value
C. Cost
D. Net realisable value
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Correct Answer: Option C

Explanation:
Initial measurement is at cost; subsequently either cost model or fair value model.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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