The 'Fund-based Accounting' is used by: MCQ with Answer and Explanation

Question
The 'Fund-based Accounting' is used by:
A. Partnership firms
B. Non-profit organizations and government entities
C. Sole traders
D. Companies
Answer: Option B
Solution (By JKSSB Mock Tests)
Fund-based accounting tracks resources for specific purposes, common in NPOs and government.
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
Which of the following is a revenue expenditure?
A. Annual repairs of machinery
B. Extension of building
C. Purchase of land for factory
D. Legal expenses to acquire a building
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Annual repairs are recurring and maintain existing asset's earning capacity, hence revenue expenditure. Others are capital expenditures.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Net loss for a period is ultimately adjusted against:
A. Assets
B. Sales
C. Capital
D. Liabilities
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Net loss reduces owner's equity/capital.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Life Cycle Costing' considers costs:
A. Only fixed costs
B. Only variable costs
C. Only during manufacturing
D. From product design to disposal
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Life cycle costing tracks costs from research and development to after-sales service and disposal.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: