The 'Public Account' of India includes: MCQ with Answer and Explanation

Question
The 'Public Account' of India includes:
A. Tax revenues
B. Grants from foreign governments
C. Borrowings
D. Provident fund, small savings, etc.
Answer: Option D
Solution (By JKSSB Mock Tests)
Public Account holds money received for specific purposes like provident fund, small savings, etc., not belonging to government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which of the following transactions leaves the total of the accounting equation unchanged?
A. Introduction of fresh capital
B. Collection of cash from debtors
C. Paying electricity bill
D. Purchasing machinery on credit
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Correct Answer: Option B

Explanation:
Collecting cash from debtors increases one asset (Cash) and decreases another (Debtors) by the same amount, leaving total assets unchanged.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Contingent Liability' for a pending lawsuit is shown in the balance sheet as:
A. Current liability
B. A provision
C. Capital reserve
D. A note to accounts
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Correct Answer: Option D

Explanation:
It is not recognised as a liability but disclosed by way of a note.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Integrated Reporting' framework is developed by:
A. FASB
B. International Integrated Reporting Council (IIRC)
C. IFRS Foundation
D. ICAI
Discuss
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Correct Answer: Option B

Explanation:
IIRC (now part of IFRS Foundation) developed the International Framework.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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