The 'ASB' stands for: MCQ with Answer and Explanation

Question
The 'ASB' stands for:
A. Audit and Standards Bureau
B. Accounting Standards Bureau
C. Auditing Standards Board
D. Accounting Standards Board of ICAI
Answer: Option D
Solution (By JKSSB Mock Tests)
ASB is Accounting Standards Board, constituted by ICAI to formulate accounting standards.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A ledger is a book of:
A. Rectification entry
B. Final entry
C. Adjusting entry
D. Original entry
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Correct Answer: Option B

Explanation:
The ledger is the book of final entry because transactions are ultimately classified and posted here from the journal.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
If a transaction involves payment of Rs 10,000 for purchasing a machine, what type of voucher is prepared?
A. Debit Voucher (Cash Payment Voucher)
B. Transfer Voucher
C. Journal Voucher
D. Credit Voucher
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Correct Answer: Option A

Explanation:
A debit voucher is prepared for all cash payments, supporting the outflow of cash for expenses, assets, or creditors.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The formula to calculate Cost of Goods Sold (COGS) is:
A. Opening Stock - Purchases - Closing Stock
B. Sales - Net Profit
C. Purchases + Closing Stock - Opening Stock
D. Opening Stock + Purchases + Direct Expenses - Closing Stock
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Correct Answer: Option D

Explanation:
COGS accounts for all direct costs of making/buying the goods actually sold during the period.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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