The matching concept requires that: MCQ with Answer and Explanation

Question
The matching concept requires that:
A. Debits equal credits
B. Profits should match cash
C. Assets should equal liabilities
D. Expenses should be matched with revenues of the same period
Answer: Option D
Solution (By JKSSB Mock Tests)
Matching principle states that expenses incurred to earn revenues should be recognized in the same accounting period.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In the context of the Indian Financial System, the 'Securities Appellate Tribunal' (SAT) hears appeals against the orders of:
A. SEBI, PFRDA, and IRDAI
B. Competition Commission of India
C. Reserve Bank of India
D. Ministry of Corporate Affairs
Discuss
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Correct Answer: Option A

Explanation:
The Securities Appellate Tribunal (SAT) is a statutory body that hears appeals against orders passed by SEBI, PFRDA (Pension Fund Regulatory and Development Authority), and IRDAI (Insurance Regulatory and Development Authority).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'International Accounting Standards Board' (IASB) issues:
A. Ind AS
B. US GAAP
C. AS
D. IFRS
Discuss
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Correct Answer: Option D

Explanation:
IASB is responsible for developing and issuing IFRS.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The term 'Amalgamation' in partnership refers to:
A. Dissolution of the firm
B. Insolvency of a partner
C. Combination of two or more partnership firms
D. Retirement of a partner
Discuss
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Correct Answer: Option C

Explanation:
Amalgamation occurs when two or more existing partnership firms decide to merge their businesses into a new partnership firm.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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