The 'Outstanding Salary' is recorded by: MCQ with Answer and Explanation

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The 'Outstanding Salary' is recorded by:

A. Debit Outstanding Salary A/c, Credit Salary A/c

B. Debit Cash A/c, Credit Salary A/c

C. No entry

D. Debit Salary A/c, Credit Outstanding Salary A/c

Answer: Option D

Solution (By JKSSB Mock Tests)

To record accrued expense: Salary A/c Dr. To Outstanding Salary A/c.

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

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Question #1

Social accounting primarily focuses on:

A. Reporting the social and environmental impact of a business

B. Maximizing shareholder wealth

C. Auditing internal controls

D. Calculating tax liabilities

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Correct Answer: Option A

Explanation:
Social accounting measures and reports the social, environmental, and economic effects of business activities on the community.

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

Question #2

In the context of GST, IGST is levied on:

A. Export of goods

B. Intra-state supply

C. Inter-state supply

D. Import of services only

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Correct Answer: Option C

Explanation:
Integrated GST (IGST) is levied on inter-state supply of goods and services, including imports, under the GST regime in India.

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

Question #3

The 'Margin of Safety' is calculated as:

A. Variable cost - Fixed cost

B. Fixed cost / P/V ratio

C. Actual sales - Break-even sales

D. Profit / Sales

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Correct Answer: Option C

Explanation:
Margin of safety = Actual sales - Break-even sales.

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

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