The 'XBRL' (eXtensible Business Reporting Language) is used for: MCQ with Answer and Explanation

Question
The 'XBRL' (eXtensible Business Reporting Language) is used for:
A. Manual accounting
B. Standardised electronic communication of financial data
C. Inventory management
D. Tax filing only
Answer: Option B
Solution (By JKSSB Mock Tests)
XBRL facilitates digital reporting of financial statements in a machine-readable format.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
What is the maximum rate of CGST prescribed under the CGST Act?
A. 14%
B. 18%
C. 20%
D. 28%
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Correct Answer: Option C

Explanation:
The maximum rate of CGST is capped at 20% by the Act, making the combined maximum GST (CGST + SGST) 40%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Trial Balance' is prepared to:
A. Ascertain profit
B. Prepare cash flow
C. Check accuracy of posting
D. Determine financial position
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Correct Answer: Option C

Explanation:
Primary purpose is to verify arithmetical accuracy of ledger postings.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Cash basis accounting recognizes revenue when:
A. Order is received
B. Sale invoice is raised
C. Services are performed
D. Cash is received
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Correct Answer: Option D

Explanation:
Under cash basis, transactions are recorded only when cash is received or paid, not when accrued.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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