The 'Accounting for Taxes on Income' (AS 22) requires: MCQ with Answer and Explanation

Question
The 'Accounting for Taxes on Income' (AS 22) requires:
A. Ignoring tax
B. Only current tax
C. Only MAT
D. Deferred tax accounting for timing differences
Answer: Option D
Solution (By JKSSB Mock Tests)
AS 22 mandates recognition of deferred tax assets/liabilities for timing differences.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In journal, a compound entry involves:
A. Only two accounts
B. Only nominal accounts
C. One debit and one credit only
D. More than one debit or more than one credit
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Correct Answer: Option D

Explanation:
A compound journal entry has more than one debit or more than one credit, affecting multiple accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A 'Supporting Voucher' is also known as:
A. Journal voucher
B. Transfer voucher
C. Source document
D. Cash voucher
Discuss
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Correct Answer: Option C

Explanation:
Source documents like bills, receipts support the transaction.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Audit Risk' is composed of:
A. Only detection risk
B. Only inherent risk
C. Inherent risk, control risk, detection risk
D. Business risk and financial risk
Discuss
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Correct Answer: Option C

Explanation:
Audit risk = Inherent risk × Control risk × Detection risk.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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