The 'Impersonal Accounts' are: MCQ with Answer and Explanation

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The 'Impersonal Accounts' are:

A. Personal accounts only

B. Only real accounts

C. Only nominal accounts

D. Real and nominal accounts

Answer: Option D

Solution (By JKSSB Mock Tests)

Impersonal accounts include real accounts (assets) and nominal accounts (expenses, losses, incomes, gains).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The 'GST Compensation Cess' on motor vehicles for personal use is:

A. Nil

B. Fixed 28%

C. Varies from 1% to 22% depending on engine capacity and type

D. 10%

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Correct Answer: Option C

Explanation:
Compensation cess on automobiles ranges from 1% to 22% over and above the 28% GST.

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Question #2

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To ascertain profit under the Single Entry System (Statement of Affairs method), closing capital is compared with:

A. Cash Balance

B. Total Liabilities

C. Opening Capital

D. Total Assets

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Correct Answer: Option C

Explanation:
Profit or loss is determined by comparing the capital at the end of the year with the capital at the beginning, adjusted for drawings and fresh capital.

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Question #3

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The 'Independence' of an auditor is required because:

A. To comply with company law only

B. To increase revenue

C. To reduce fees

D. To maintain objectivity and impartiality in the audit opinion

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Correct Answer: Option D

Explanation:
Independence ensures unbiased opinion.

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