The term 'Fictitious Assets' are: MCQ with Answer and Explanation

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The term 'Fictitious Assets' are:

A. Tangible assets

B. Intangible assets

C. Current assets

D. Deferred revenue expenditures shown as assets

Answer: Option D

Solution (By JKSSB Mock Tests)

Fictitious assets are deferred revenue expenditures (like preliminary expenses) that have no realizable value but are shown on the asset side of the balance sheet.

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

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The 'Related Party Disclosures' standard is:

A. AS 18

B. AS 17

C. AS 21

D. AS 19

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Correct Answer: Option A

Explanation:
AS 18 requires disclosure of transactions with related parties.

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Question #2

The 'Zero Base Budgeting' (ZBB) was first introduced in a country by:

A. Japan

B. India

C. UK

D. USA

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Correct Answer: Option D

Explanation:
ZBB was popularised in the 1970s in the United States.

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Question #3

The 'Goods and Services Tax Network' (GSTN) is structured as:

A. Public sector undertaking

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Correct Answer: Option D

Explanation:
GSTN is a not-for-profit company under Section 8 of Companies Act.

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

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