The 'Integrated Accounting' system means: MCQ with Answer and Explanation

Question
The 'Integrated Accounting' system means:
A. Integrating tax and accounts
B. Using manual and computer together
C. Keeping cost and financial accounts separately
D. Maintaining a single set of books for both cost and financial accounting
Answer: Option D
Solution (By JKSSB Mock Tests)
Integrated system avoids separate ledgers, using common accounts for both purposes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A tax levied on a person based on their net wealth was the Wealth Tax. In India, Wealth Tax was abolished in:
A. 2017
B. 2015
C. 2005
D. 1991
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Correct Answer: Option B

Explanation:
Wealth tax was abolished in the Union Budget of 2015-16, replaced by an additional surcharge on the super-rich.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Impersonal Accounts' are further classified into:
A. Representative and Personal
B. Real and Nominal
C. Natural and Artificial
D. Current and Non-current
Discuss
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Correct Answer: Option B

Explanation:
Impersonal accounts include real (assets) and nominal (expenses/losses, incomes/gains).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Earnings Per Share' (EPS) as per AS 20 is computed as:
A. Gross profit / Number of shares
B. Net profit before preference dividend / Equity shares
C. Net profit / Number of equity shares outstanding
D. EBIT / Shares
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Correct Answer: Option C

Explanation:
Basic EPS = (Net profit - Preference dividend) / Weighted average equity shares.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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