Recent developments in accounting include the increased use of: MCQ with Answer and Explanation

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Recent developments in accounting include the increased use of:

A. Paper-based ledgers

B. Cloud accounting and AI

C. Manual voucher posting

D. Single entry only

Answer: Option B

Solution (By JKSSB Mock Tests)

Technological advancements like cloud accounting, artificial intelligence, and blockchain are recent trends.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

If Sales are Rs 1,00,000, Variable Cost is Rs 60,000, what is the Contribution Margin Ratio (P/V Ratio)?

A. 40%

B. 100%

C. 60%

D. 20%

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Correct Answer: Option A

Explanation:
Contribution = Sales - Variable Cost = 40,000. P/V Ratio = (Contribution / Sales) * 100 = 40%.

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

Question #2

The fundamental accounting equation is a mathematical expression of which concept?

A. Cost Concept

B. Dual Aspect Concept

C. Going Concern Concept

D. Money Measurement Concept

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Correct Answer: Option B

Explanation:
The Dual Aspect Concept states that every transaction has a two-fold effect, expressed as Assets = Liabilities + Capital.

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

Question #3

The 'e-assessment' scheme for income tax was launched to:

A. Increase tax rates

B. Reduce refunds

C. Faceless scrutiny

D. Eliminate digital filing

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Correct Answer: Option C

Explanation:
E-assessment aims at faceless and paperless scrutiny of tax returns.

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

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