The 'Emphasis of Matter' vs 'Other Matter' paragraph: Emphasis of Matter refers to: MCQ with Answer and Explanation

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The 'Emphasis of Matter' vs 'Other Matter' paragraph: Emphasis of Matter refers to:

A. Matters appropriately presented or disclosed in the financial statements that are fundamental to users' understanding

B. Matters not presented or disclosed in the financial statements

C. Scope limitation

D. Matters that require a modified opinion

Answer: Option A

Solution (By JKSSB Mock Tests)

Emphasis of Matter highlights a note/disclosure already in financial statements.

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

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The 'Voucher' approach in accounting helps to:

A. Prepare trial balance

B. Ensure documentation and authorisation of transactions

C. Simplify journal entries

D. Compute tax

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Correct Answer: Option B

Explanation:
Voucher system ensures that every transaction is supported by documentary evidence and approval.

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

Question #2

The 'Financial Year' in India for tax purposes is:

A. 1st January to 31st December

B. 1st April to 31st March

C. 1st July to 30th June

D. Diwali to Diwali

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Correct Answer: Option B

Explanation:
Indian financial year and tax year runs from April 1 to March 31.

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

Question #3

GST collected on sales is credited to:

A. Input GST Credit Account

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D. Output GST Liability Account

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Correct Answer: Option D

Explanation:
GST collected from customers is a liability to government, recorded as Output GST.

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

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