A distributed ledger technology providing a secure and immutable record of transactions is: MCQ with Answer and Explanation

Question
A distributed ledger technology providing a secure and immutable record of transactions is:
A. Blockchain Accounting
B. Cloud Accounting
C. ERP System
D. Tally Prime
Answer: Option A
Solution (By JKSSB Mock Tests)
Blockchain creates decentralized, tamper-proof ledgers, significantly reducing the scope for fraud and simplifying the auditing process.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Component Auditor' in a group audit is:
A. Internal auditor
B. The auditor who audits the parent
C. An auditor who performs audit work on a component for the group auditor
D. Tax auditor
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Correct Answer: Option C

Explanation:
Group auditor may use the work of component auditors.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is not a capital receipt?
A. Sale of goods
B. Issue of shares
C. Loan from bank
D. Sale of old machinery
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Correct Answer: Option A

Explanation:
Sale of goods is revenue from operations, a revenue receipt.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Cost Records' under Companies Act 2013 are required to be maintained by:
A. Companies engaged in specified sectors as per MCA rules
B. Only manufacturing companies
C. All companies
D. Only service companies
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Correct Answer: Option A

Explanation:
The central government specifies class of companies required to maintain cost records.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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