Personal and Real accounts are balanced and their closing balances are carried forward to: MCQ with Answer and Explanation

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Personal and Real accounts are balanced and their closing balances are carried forward to:

A. Next accounting period via Balance Sheet

B. Profit & Loss Account

C. Trading Account

D. Manufacturing Account

Answer: Option A

Solution (By JKSSB Mock Tests)

Real and Personal accounts reflect assets, liabilities, and equity; they are not closed but carried forward to the next period as opening balances.

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

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Question #1

The due date for filing GSTR-1 (monthly) is:

A. Last day of month

B. 20th of next month

C. 11th of next month

D. 10th of next month

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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 #2

The accounting equation 'Assets = Liabilities + Capital' is based on which concept?

A. Dual aspect concept

B. Going concern concept

C. Money measurement concept

D. Cost concept

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Correct Answer: Option A

Explanation:
The dual aspect concept states that every transaction has two aspects, hence the accounting equation always balances.

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

Question #3

The 'Peer Review' of audit firms is conducted by:

A. MCA

B. ICAI's Peer Review Board

C. NFRA

D. SEBI

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Correct Answer: Option B

Explanation:
ICAI has a Peer Review Board to ensure quality of audit services.

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

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