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

Question

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The 'XBRL' (eXtensible Business Reporting Language) is used for:

A. Standardised electronic communication of financial data

B. Manual accounting

C. Inventory management

D. Tax filing only

Answer: Option A

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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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Excess Grant' is:

A. Expenditure in excess of voted grant

B. Supplementary grant

C. Token grant

D. Grant not utilized

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Correct Answer: Option A

Explanation:
Excess grant is the amount spent over the original grant, requiring regularization by Parliament.

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

Question #2

A 'Cheque issued but not presented' causes:

A. Passbook balance lower than cash book

B. Both equal

C. Overdraft in passbook

D. Cash book balance lower than passbook

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Correct Answer: Option D

Explanation:
Unpresented cheque means cash book already reduced, but passbook not reduced, so passbook balance higher.

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

Question #3

A 'Bank Overdraft' is shown in Balance Sheet as:

A. Current asset

B. Contra asset

C. Current liability

D. Long-term liability

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Correct Answer: Option C

Explanation:
Bank overdraft is repayable on demand, hence a current liability.

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

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