The use of 'Smart Contracts' in accounting is a direct result of development in: MCQ with Answer and Explanation

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The use of 'Smart Contracts' in accounting is a direct result of development in:

A. PFMS

B. Double Entry System

C. Blockchain Technology

D. Cost Control

Answer: Option C

Solution (By JKSSB Mock Tests)

Smart contracts are self-executing contracts with terms written into lines of code, running on blockchain networks.

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

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Question #1

Which of the following is a feature of the Indian Financial Management System?

A. Zero-based budgeting is prohibited

B. Use of appropriation accounts

C. Decentralized budgeting only

D. Absence of audit

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Correct Answer: Option B

Explanation:
Indian government accounting uses appropriation accounts to compare actual spending against grants approved by Parliament.

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

Question #2

The 'Independence' of an auditor is required because:

A. To comply with company law only

B. To reduce fees

C. To maintain objectivity and impartiality in the audit opinion

D. To increase revenue

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Correct Answer: Option C

Explanation:
Independence ensures unbiased opinion.

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Question #3

The 'Asset Ceiling' in defined benefit plans under Ind AS 19 refers to:

A. Limit on the amount of surplus that can be recognised as an asset (present value of refunds/reductions in future contributions)

B. Only for gratuity

C. No limit

D. Maximum plan assets

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Correct Answer: Option A

Explanation:
Ind AS 19 restricts the recognised asset to the economic benefits available.

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

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