In recent years, which technology has significantly impacted accounting? MCQ with Answer and Explanation

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In recent years, which technology has significantly impacted accounting?

A. Blockchain

B. Artificial intelligence

C. All of these

D. Cloud computing

Answer: Option C

Solution (By JKSSB Mock Tests)

All these technologies (cloud, AI, blockchain) are transforming accounting by automating tasks, improving accuracy, and enabling real-time reporting.

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

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Question #1

A 'Credit Voucher' is used to record:

A. Cash receipts

B. Journal entries

C. Cash sales

D. Credit purchases

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Correct Answer: Option A

Explanation:
Credit voucher is prepared for all cash/bank receipts.

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

Question #2

What is the primary scope of a 'Tax Audit' under Section 44AB of the Income Tax Act?

A. To assess social impact

B. To value the shares of the company

C. To find accounting errors

D. To ensure books are maintained per tax laws and compute taxable income correctly

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Correct Answer: Option D

Explanation:
A tax audit ensures compliance with the Income Tax Act, preventing tax evasion by verifying deductions and income reporting.

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

Question #3

The 'Economic Survey' is presented:

A. After the budget

B. A month before

C. On the same day

D. A day before the budget

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Correct Answer: Option D

Explanation:
Economic Survey is tabled typically a day before the Union Budget.

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

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