NFRA has jurisdiction over: MCQ with Answer and Explanation

Question
NFRA has jurisdiction over:
A. Only public sector units
B. Only banks
C. Listed companies and large unlisted companies
D. All companies
Answer: Option C
Solution (By JKSSB Mock Tests)
NFRA covers listed companies and such class of unlisted companies as prescribed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a fundamental accounting assumption as per AS-1?
A. Accrual
B. Materiality
C. Matching
D. Conservatism
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Correct Answer: Option A

Explanation:
AS-1 lists Going Concern, Consistency, and Accrual as the three fundamental accounting assumptions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under Schedule III of the Companies Act 2013, 'Trade Receivables' are classified under:
A. Inventories
B. Cash and Cash Equivalents
C. Current Assets
D. Non-Current Assets
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Correct Answer: Option C

Explanation:
Trade receivables (Debtors and Bills Receivable) expected to be realized within 12 months are classified as Current Assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Sales Book' total is posted to:
A. Credit side of Debtors Account
B. Credit side of Sales Account
C. Debit side of Sales Account
D. Debit side of Creditors Account
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Correct Answer: Option B

Explanation:
Sales book total is credited to Sales Account (revenue) and individual debtors are debited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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