The 'Full Disclosure Principle' requires: MCQ with Answer and Explanation

Question
The 'Full Disclosure Principle' requires:
A. Disclosure of only assets
B. Disclosure of all material information in financial statements
C. No disclosure
D. Disclosure of only profits
Answer: Option B
Solution (By JKSSB Mock Tests)
Full disclosure means all significant information should be reported in financial statements and notes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a non-GST supply?
A. Mobile phones
B. Software services
C. Alcoholic liquor for human consumption
D. Cement
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Correct Answer: Option C

Explanation:
Alcoholic liquor for human consumption is outside GST, still subject to state excise.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'True and Fair View' is an overriding requirement of:
A. Financial statements
B. GST returns
C. Management accounts
D. Tax returns
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Correct Answer: Option A

Explanation:
Financial statements must present a true and fair view of the entity's financial position and performance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The column 'J.F.' in a ledger account stands for:
A. Joint Finance
B. Journal Factor
C. Journal Format
D. Journal Folio
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Correct Answer: Option D

Explanation:
Journal Folio (J.F.) indicates the page number of the journal from where the specific entry was posted.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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