The fundamental accounting equation is a mathematical expression of which concept? MCQ with Answer and Explanation

Question
The fundamental accounting equation is a mathematical expression of which concept?
A. Cost Concept
B. Going Concern Concept
C. Money Measurement Concept
D. Dual Aspect Concept
Answer: Option D
Solution (By JKSSB Mock Tests)
The Dual Aspect Concept states that every transaction has a two-fold effect, expressed as Assets = Liabilities + Capital.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Section 194O' deals with TDS on:
A. Salary
B. E-commerce transactions
C. Rent
D. Professional fees
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Correct Answer: Option B

Explanation:
E-commerce operators deduct TDS on payments to e-commerce participants at 1%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The process of transferring entries from journal to ledger is called:
A. Journalizing
B. Recording
C. Balancing
D. Posting
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Correct Answer: Option D

Explanation:
Posting is the process of transferring debit and credit amounts from journal to respective ledger accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Fund-based Accounting' is used by:
A. Companies
B. Non-profit organizations and government entities
C. Sole traders
D. Partnership firms
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Correct Answer: Option B

Explanation:
Fund-based accounting tracks resources for specific purposes, common in NPOs and government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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