The 'True and Fair View' is an overriding requirement of: MCQ with Answer and Explanation

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The 'True and Fair View' is an overriding requirement of:

A. Management accounts

B. Financial statements

C. Tax returns

D. GST returns

Answer: Option B

Solution (By JKSSB Mock Tests)

Financial statements must present a true and fair view of the entity's financial position and performance.

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

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Question #1

The 'GST Council' is a constitutional body under:

A. Article 279A

B. Article 280

C. Article 324

D. Article 370

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Correct Answer: Option A

Explanation:
GST Council was created by Constitution (101st Amendment) Act, 2016, under Article 279A.

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Question #2

The 'Artificial Intelligence' in accounting is primarily used for:

A. Automating repetitive tasks, fraud detection, and predictive analysis

B. Only entertainment

C. Replacing all accountants

D. Physical verification

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Correct Answer: Option A

Explanation:
AI assists in automation, anomaly detection, and advanced analytics.

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Question #3

Which of the following is considered an investing activity in a cash flow statement?

A. Cash received from customers

B. Issue of shares

C. Payment of dividend

D. Purchase of machinery

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Correct Answer: Option D

Explanation:
Investing activities involve the acquisition and disposal of long-term assets and other investments not included in cash equivalents.

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