The 'Ethical Requirements' for professional accountants include: MCQ with Answer and Explanation

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The 'Ethical Requirements' for professional accountants include:

A. Integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour

B. Only confidentiality

C. Only integrity

D. Only competence

Answer: Option A

Solution (By JKSSB Mock Tests)

The Code of Ethics outlines five fundamental principles.

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

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Question #1

In budgetary control, a 'master budget' is:

A. A summary of all functional budgets

B. Capital expenditure budget

C. Only sales budget

D. Cash budget only

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Correct Answer: Option A

Explanation:
Master budget consolidates all subsidiary budgets (sales, production, cash, etc.) into a comprehensive overall budget.

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Question #2

The 'Section 44ADA' presumptive income scheme for professionals applies to gross receipts up to:

A. ₹25 lakh

B. ₹50 lakh (now ₹75 lakh if cash receipts ≤ 5%)

C. ₹10 lakh

D. ₹1 crore

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Correct Answer: Option B

Explanation:
Presumptive income for professionals up to gross receipts ₹50 lakh (or ₹75 lakh if digital).

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Question #3

Which of the following is an 'Accounting Estimate'?

A. Depreciation method

B. Revenue recognition policy

C. Inventory valuation method

D. Useful life of an asset

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Correct Answer: Option D

Explanation:
Useful life is an estimate; depreciation method is an accounting policy.

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