The final step in the accounting cycle is: MCQ with Answer and Explanation

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The final step in the accounting cycle is:

A. Journalizing

B. Posting to ledger

C. Preparation of financial statements

D. Preparation of trial balance

Answer: Option C

Solution (By JKSSB Mock Tests)

The accounting cycle ends with the preparation of financial statements from the trial balance and adjustments.

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

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Question #1

The 'Minimum Wages Act, 1948' provides for:

A. Maximum wages

B. Overtime only

C. Bonus

D. Fixation of minimum rates of wages for certain employments

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Correct Answer: Option D

Explanation:
The Act aims to prevent exploitation by ensuring minimum wages.

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

Question #2

The 'CGU' is the smallest identifiable group of assets that:

A. Generates cash inflows independently

B. Has highest revenue

C. Is a legal entity

D. Has most employees

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Correct Answer: Option A

Explanation:
Definition of CGU per Ind AS 36.

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Question #3

'Intangible Assets' are covered by:

A. AS 10

B. AS 2

C. AS 28

D. AS 26

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Correct Answer: Option D

Explanation:
AS 26 deals with recognition, measurement, and disclosure of intangible assets.

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

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