The term 'Noting Charges' is associated with: MCQ with Answer and Explanation

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The term 'Noting Charges' is associated with:

A. Voucher system

B. Depreciation

C. Bills of exchange

D. Bank reconciliation

Answer: Option C

Solution (By JKSSB Mock Tests)

Noting charges are paid to notary public for recording dishonour of a bill.

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

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Question #1

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S1: Ind AS 109 deals with Financial Instruments. S2: Ind AS 113 deals with Fair Value Measurement. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S1 only

C. Both S1 and S2

D. S2 only

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Correct Answer: Option C

Explanation:
Ind AS 109 prescribes the requirements for the recognition, measurement, impairment, derecognition, and hedge accounting of financial instruments. Ind AS 113 defines fair value and sets out its measurement framework. Both are correct.

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

Question #2

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The closing entry for transferring purchases account is:

A. Trading A/c Dr. To Purchases A/c

B. Capital A/c Dr. To Purchases A/c

C. Profit & Loss A/c Dr. To Purchases A/c

D. Purchases A/c Dr. To Trading A/c

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Correct Answer: Option A

Explanation:
At year-end, purchases account balance is transferred to Trading Account by debiting Trading A/c and crediting Purchases A/c.

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Question #3

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Financial Management aims at 'Wealth Maximization', which means maximizing:

A. Market value per share

B. Sales volume

C. Book value of assets

D. Net profit after tax

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Correct Answer: Option A

Explanation:
Wealth maximization implies increasing the net present value of the firm, reflected in the increased market price of its equity shares.

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

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