The 'Concept of OCI' (Other Comprehensive Income) was introduced to: MCQ with Answer and Explanation

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The 'Concept of OCI' (Other Comprehensive Income) was introduced to:

A. Bypass profit and loss for all items

B. Reduce tax

C. Report certain gains and losses outside profit or loss to present a more comprehensive view

D. Hide losses

Answer: Option C

Solution (By JKSSB Mock Tests)

OCI captures unrealised gains/losses and re-measurements not routed through P&L.

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 'Cheque issued but not presented' causes:

A. Passbook balance lower than cash book

B. Cash book balance lower than passbook

C. Overdraft in passbook

D. Both equal

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Correct Answer: Option B

Explanation:
Unpresented cheque means cash book already reduced, but passbook not reduced, so passbook balance higher.

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

Question #2

If the total of debit side of trial balance is ₹1,50,000 and credit side is ₹1,45,000, the suspense account will be:

A. Credit ₹5,000

B. Debit ₹1,45,000

C. Credit ₹1,50,000

D. Debit ₹5,000

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Correct Answer: Option A

Explanation:
Credit side is short by ₹5,000, so suspense account is credited to balance.

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

Question #3

The 'GST Audit' is required for taxpayers with turnover exceeding:

A. ₹1 crore

B. ₹5 crore

C. ₹10 crore

D. ₹2 crore

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Correct Answer: Option D

Explanation:
GST audit by a chartered accountant/cost accountant is required if aggregate turnover exceeds ₹2 crore.

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

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