Accountancy and Book Keeping MCQs

Accountancy and Statistics

Accountancy and Book Keeping MCQs

Practice the latest Accountancy MCQs with answers and detailed explanations. Explore chapter-wise multiple-choice questions covering important accounting concepts, bookkeeping, financial statements, journal entries, ledger, trial balance, depreciation, ratio analysis, partnership accounts, company accounts, and more. Perfect for Class 11 & 12, B.Com, CA Foundation, CUET, Banking, SSC, JKSSB, JKPSC and competitive exams.

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Practice Questions

Page 30 of 94
Question #581
The 'Indian Government Accounting Standards' (IGAS) are issued by:
A. Government Accounting Standards Advisory Board (GASAB)
B. ICAI
C. CAG
D. RBI
Discuss
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Correct Answer: Option A

Explanation:
GASAB, under CAG, formulates IGAS for government accounting.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #582
In government accounting, 'Consolidated Fund' refers to:
A. Funds of public sector units
B. Public provident fund
C. Funds for emergency
D. All revenues and loans raised by government
Discuss
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Correct Answer: Option D

Explanation:
Consolidated Fund of India includes all revenues, loans, and repayments, from which all expenditure is met.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #583
A 'Vote on Account' is:
A. An advance grant to meet expenditure for a part of the year
B. Final budget passed by Parliament
C. Excess grant
D. Supplementary grant
Discuss
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Correct Answer: Option A

Explanation:
Vote on Account is a provision for meeting expenses for a short period before the full budget is passed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #584
Which of the following is a 'Money Bill' in India?
A. Bill on education
B. Bill for amendment of Companies Act
C. Bill on labor reforms
D. Finance Bill dealing with taxes
Discuss
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Correct Answer: Option D

Explanation:
Finance Bill is a Money Bill as it deals with taxation and government expenditure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #585
The 'Finance Act' gives effect to:
A. Company law amendments
B. Banking regulation
C. Financial proposals of the government for the year
D. Insurance regulation
Discuss
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Correct Answer: Option C

Explanation:
Finance Act is passed to enact the tax proposals of the budget.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #586
Under Indian tax law, 'Assessment Year' means:
A. Year in which income is earned
B. Year following the previous year, in which income is assessed
C. Calendar year
D. Financial year
Discuss
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Correct Answer: Option B

Explanation:
Assessment year is the year in which income of the previous year is assessed and taxed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #587
Tax Deduction at Source (TDS) on salary is governed by:
A. Section 194C
B. Section 80C
C. Section 10
D. Section 192 of Income Tax Act
Discuss
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Correct Answer: Option D

Explanation:
TDS on salary is covered under Section 192.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #588
GST was introduced in India on:
A. 1st July 2017
B. 1st January 2017
C. 1st April 2016
D. 1st April 2017
Discuss
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Correct Answer: Option A

Explanation:
Goods and Services Tax (GST) was rolled out on 1st July 2017.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #589
Which of the following is a non-GST supply?
A. Mobile phones
B. Alcoholic liquor for human consumption
C. Cement
D. Software services
Discuss
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Correct Answer: Option B

Explanation:
Alcoholic liquor for human consumption is outside GST, still subject to state excise.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #590
Input Tax Credit on motor vehicles is blocked under GST except when used for:
A. Office commuting
B. Personal use
C. Further supply of vehicles or transportation of goods/passengers
D. All cases
Discuss
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Correct Answer: Option C

Explanation:
ITC on motor vehicles is generally blocked, but allowed if used for specified purposes like transport services, further supply, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #591
The due date for filing GSTR-1 (monthly) is:
A. 10th of next month
B. 20th of next month
C. 11th of next month
D. Last day of month
Discuss
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Correct Answer: Option C

Explanation:
For monthly filers, GSTR-1 is due on 11th of the following month.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #592
Which of the following is not an objective of budgetary control?
A. Profit maximization in the short run
B. Co-ordination
C. Planning
D. Control
Discuss
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Correct Answer: Option A

Explanation:
Budgetary control aims at planning, coordination, control, and efficiency, not just short-term profit maximization.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #593
A 'Master Budget' is a summary of:
A. All functional budgets
B. Only sales budget
C. Only production budget
D. Only cash budget
Discuss
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Correct Answer: Option A

Explanation:
Master budget consolidates all subsidiary budgets into one comprehensive plan.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #594
The 'Performance Budgeting' technique focuses on:
A. Past performance
B. Cash flows
C. Outputs and outcomes
D. Inputs only
Discuss
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Correct Answer: Option C

Explanation:
Performance budgeting links funding to results, emphasizing outputs and outcomes rather than just expenditure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #595
In India, the 'Fiscal Responsibility and Budget Management (FRBM) Act' aims to:
A. Reduce fiscal deficit and improve fiscal discipline
B. Increase government borrowing
C. Increase fiscal deficit
D. Eliminate all taxes
Discuss
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Correct Answer: Option A

Explanation:
FRBM Act sets targets for fiscal deficit and debt to ensure fiscal prudence.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #596
The 'Contingency Fund' of India is used for:
A. Unforeseen expenditure pending authorization by Parliament
B. Routine government expenses
C. Defense expenditure
D. Interest payments
Discuss
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Correct Answer: Option A

Explanation:
Contingency Fund is at the disposal of the President to meet urgent unforeseen expenditure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #597
The 'Public Account' of India includes:
A. Provident fund, small savings, etc.
B. Tax revenues
C. Grants from foreign governments
D. Borrowings
Discuss
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Correct Answer: Option A

Explanation:
Public Account holds money received for specific purposes like provident fund, small savings, etc., not belonging to government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #598
Which of the following is a recent development in accounting?
A. Handwritten journals
B. Blockchain-based triple-entry accounting
C. Paper vouchers
D. Manual ledger posting
Discuss
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Correct Answer: Option B

Explanation:
Blockchain is an emerging technology enabling triple-entry accounting, enhancing transparency and security.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #599
The 'Ind AS' are applicable to companies in India in a phased manner based on:
A. Net worth and listing status
B. Age of company
C. Number of employees
D. Turnover
Discuss
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Correct Answer: Option A

Explanation:
Ind AS applicability is determined by net worth, whether listed or unlisted, and other criteria.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #600
The 'Indian Accounting Standards' (Ind AS) are issued by:
A. SEBI
B. MCA (Ministry of Corporate Affairs)
C. RBI
D. ICAI
Discuss
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Correct Answer: Option B

Explanation:
Ind AS are notified by the Ministry of Corporate Affairs under Companies Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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