The 'Prior Period Items' are shown in: MCQ with Answer and Explanation

Question
The 'Prior Period Items' are shown in:
A. Current period's profit and loss
B. Reserves
C. Separately in the current period's financial statements
D. Balance sheet
Answer: Option C
Solution (By JKSSB Mock Tests)
Prior period items are disclosed separately in the statement of profit and loss.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Sabka Vishwas' scheme for indirect taxes was for:
A. Customs only
B. Income tax disputes
C. GST disputes
D. Resolution of legacy disputes under excise and service tax
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Correct Answer: Option D

Explanation:
It was a dispute resolution scheme for pre-GST indirect tax matters.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is a test of audit?
A. Verification
B. Reporting
C. Planning
D. Vouching
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Correct Answer: Option D

Explanation:
Vouching is the primary test of audit, involving the examination of documentary evidence to support the transactions recorded in the books of accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In a not-for-profit organization, 'Life Membership Fees' is usually treated as:
A. Revenue
B. Capital receipt
C. Liability
D. Expense
Discuss
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Correct Answer: Option B

Explanation:
Life membership fees are generally treated as capital receipt and transferred to a fund, not income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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