IFRS stands for: MCQ with Answer and Explanation

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IFRS stands for:

A. Indian Financial Reporting Standards

B. International Financial Reporting Standards

C. Integrated Financial Record System

D. Internal Fraud Recording System

Answer: Option B

Solution (By JKSSB Mock Tests)

IFRS are globally recognized accounting standards issued by the IASB to bring consistency and comparability to financial statements worldwide.

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

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Question #1

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A Cash Book with Cash, Bank, and Discount columns is called a:

A. Three-column Cash Book

B. Petty Cash Book

C. Simple Cash Book

D. Two-column Cash Book

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Correct Answer: Option A

Explanation:
A three-column cash book tracks cash transactions, bank transactions, and discounts allowed/received simultaneously.

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

Question #2

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A revenue expenditure wrongly capitalized will lead to:

A. Overstatement of assets and profit

B. Understatement of assets and profit

C. No effect

D. Overstatement of liabilities

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Correct Answer: Option A

Explanation:
Capitalizing revenue expense increases assets and reduces expenses, thus overstating profit and assets.

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Question #3

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The 'Exchequer Control' in government accounting means:

A. No control over expenditure

B. Withdrawal of funds only as per parliamentary grants

C. Free spending

D. Only tax collection

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Correct Answer: Option B

Explanation:
Exchequer control ensures government spending is in accordance with approved grants.

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

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