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

Question
The 'Financial Year' for a company under Companies Act is:
A. 1st January to 31st December
B. Any 12-month period
C. 1st April to 31st March
D. Diwali to Diwali
Answer: Option C
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
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Practice More Accountancy and Book Keeping Questions

Question #1
Contingent liabilities are shown as a footnote to the balance sheet to comply with which accounting convention?
A. Materiality
B. Conservatism
C. Full Disclosure
D. Consistency
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Correct Answer: Option C

Explanation:
Full disclosure requires all significant information to be completely and fairly disclosed, including contingent liabilities via footnotes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'CGU' is the smallest identifiable group of assets that:
A. Is a legal entity
B. Has most employees
C. Generates cash inflows independently
D. Has highest revenue
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Correct Answer: Option C

Explanation:
Definition of CGU per Ind AS 36.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Income and Expenditure Account is equivalent to:
A. Cash Book
B. Profit and Loss Account
C. Balance Sheet
D. Trading Account
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Correct Answer: Option B

Explanation:
Income and Expenditure Account reveals surplus or deficit for a period, similar to P&L Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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