The full form of GAAP is: MCQ with Answer and Explanation

Question
The full form of GAAP is:
A. Generally Accepted Accounting Procedures
B. Generally Accepted Accounting Principles
C. Generally Accepted Auditing Principles
D. Global Accounting and Auditing Practices
Answer: Option B
Solution (By JKSSB Mock Tests)
GAAP stands for Generally Accepted Accounting Principles.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The due date for filing GSTR-1 (monthly) is:
A. 10th of next month
B. Last day of month
C. 11th of next month
D. 20th of next month
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Correct Answer: Option C

Explanation:
For monthly filers, GSTR-1 is due on 11th of the following month.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Minor' in a partnership can be admitted:
A. As a full partner
B. As a managing partner
C. Only to the benefits of the partnership
D. As a sleeping partner with liability
Discuss
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Correct Answer: Option C

Explanation:
A minor cannot be a partner but can be admitted to benefits of the firm, with limited liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Journal Voucher' is prepared for:
A. Payment of wages
B. Cash purchases
C. Credit sales
D. Cash received from debtors
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Correct Answer: Option C

Explanation:
Credit sales do not involve immediate cash; hence recorded by a journal voucher (non-cash transfer voucher).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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