A hybrid system of accounting is a mixture of: MCQ with Answer and Explanation

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A hybrid system of accounting is a mixture of:

A. Financial and Cost accounting

B. Indian GAAP and IFRS

C. Cash basis and Accrual basis

D. Double entry and Single entry

Answer: Option C

Solution (By JKSSB Mock Tests)

In a hybrid system, typically incomes are recorded on a cash basis while expenses are recorded on an accrual basis.

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

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Question #1

The concept of 'Cost Drivers' is fundamental to which costing technique?

A. Marginal Costing

B. Activity Based Costing (ABC)

C. Standard Costing

D. Batch Costing

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Correct Answer: Option B

Explanation:
ABC uses cost drivers (e.g., number of setups, machine hours) to allocate overheads to products based on the activities they consume.

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Question #2

The 'Transaction Price' under Ind AS 115 includes:

A. Only fixed consideration

B. Only invoice amount

C. Variable consideration, if it is highly probable that a significant reversal will not occur

D. Only cash received

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Correct Answer: Option C

Explanation:
Transaction price includes variable consideration to the extent that it is probable there won't be a significant reversal.

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Question #3

The primary objective of Financial Management is:

A. Profit maximization

B. Wealth maximization of shareholders

C. Minimizing taxes

D. Maximizing market share

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Correct Answer: Option B

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.

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