Blockchain technology in accounting is primarily used for: MCQ with Answer and Explanation

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Blockchain technology in accounting is primarily used for:

A. Calculating depreciation

B. Preparing tax returns

C. Immutable and transparent record-keeping

D. Manual ledger posting

Answer: Option C

Solution (By JKSSB Mock Tests)

Blockchain provides a distributed ledger that is secure, transparent, and tamper-proof.

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

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Question #1

The 'Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019' was for:

A. Income tax disputes

B. Resolution of pending indirect tax disputes under pre-GST regime

C. Direct tax disputes

D. GST disputes

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Correct Answer: Option B

Explanation:
It was a dispute resolution-cum-amnesty scheme for legacy excise and service tax cases.

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Question #2

The 'Revenue Recognition' under Ind AS 115 is based on:

A. Transfer of control of goods or services to the customer

B. Transfer of risks and rewards

C. Receipt of cash

D. Invoice issuance

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Correct Answer: Option A

Explanation:
Ind AS 115 uses a five-step model based on transfer of control.

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Question #3

A hybrid system of accounting is a mixture of:

A. Financial and Cost accounting

B. Cash basis and Accrual basis

C. Double entry and Single entry

D. Indian GAAP and IFRS

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Correct Answer: Option B

Explanation:
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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