The 'Financial Year' for a company under Companies Act is: MCQ with Answer and Explanation

Question

Share Report Error

The 'Financial Year' for a company under Companies Act is:

A. 1st April to 31st March

B. Diwali to Diwali

C. 1st January to 31st December

D. Any 12-month period

Answer: Option A

Solution (By JKSSB Mock Tests)

Financial year for companies is uniform: April to March.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'Materiality Level' in audit is set to:

A. Avoid audit

B. Determine the significance of misstatements that could influence economic decisions

C. Increase fees

D. Reduce sample size

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Materiality is a threshold to guide audit procedures and evaluation of misstatements.

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

Question #2

The balance of the Cash Book is:

A. Nil

B. Always a credit balance

C. Either debit or credit

D. Always a debit balance

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Cash Book is a book of original entry and a ledger account. Its balance represents cash in hand, which is always a debit balance (asset).

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

Question #3

Budgetary control system involves:

A. Only preparing cash budget

B. Setting long-term objectives

C. Comparing actual figures with budgeted figures

D. Fixing selling price

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Budgetary control is the establishment of budgets relating to responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results.

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

Explore All Accountancy and Book Keeping MCQs