The 'Statement of Affairs' under single entry is similar to: MCQ with Answer and Explanation

Question
The 'Statement of Affairs' under single entry is similar to:
A. Profit and Loss Account
B. Trading Account
C. Cash Flow Statement
D. Balance Sheet
Answer: Option D
Solution (By JKSSB Mock Tests)
Statement of affairs shows assets and liabilities, akin to a balance sheet.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The primary body that formulates Indian Accounting Standards (Ind AS) is the:
A. Securities and Exchange Board of India (SEBI)
B. Reserve Bank of India (RBI)
C. Institute of Chartered Accountants of India (ICAI)
D. Ministry of Finance
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Correct Answer: Option C

Explanation:
The Accounting Standards Board (ASB) constituted by ICAI formulates the accounting standards, which are then notified by the Ministry of Corporate Affairs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The maximum number of members in a public company is:
A. No limit
B. 50
C. 100
D. 200
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Correct Answer: Option A

Explanation:
Public company has no maximum limit on number of members.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Roll-forward Procedures' in audit are performed to:
A. Replace interim testing
B. Postpone audit
C. Update audit findings from an interim date to the period end
D. Start audit early
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Correct Answer: Option C

Explanation:
Roll-forward extends the conclusions from interim date to year-end.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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