Which of the following is a fundamental accounting assumption as per AS-1? MCQ with Answer and Explanation

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Which of the following is a fundamental accounting assumption as per AS-1?

A. Conservatism

B. Matching

C. Accrual

D. Materiality

Answer: Option C

Solution (By JKSSB Mock Tests)

AS-1 lists Going Concern, Consistency, and Accrual as the three fundamental accounting assumptions.

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

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The 'Form 10IE' is to be filed for:

A. Opting for new income tax regime

B. TDS return

C. Tax audit

D. GST registration

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Correct Answer: Option A

Explanation:
Form 10IE is filed by individuals/HUFs to opt for the new tax regime.

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

Question #2

Which account acts as a 'contra' account to Gross Debtors in the Balance Sheet?

A. Discount Allowed Account

B. Bad Debts Account

C. Provision for Doubtful Debts Account

D. Sales Return Account

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Correct Answer: Option C

Explanation:
Provision for doubtful debts has a credit balance and is deducted from the debit balance of Debtors, acting as a contra-asset.

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Question #3

Under the Companies Act 2013, which of the following companies are mandatorily required to constitute a CSR Committee?

A. Only government companies

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Correct Answer: Option D

Explanation:
Section 135 mandates a CSR Committee for companies that meet specific thresholds of net worth (₹500 Cr+), turnover (₹1000 Cr+), or net profit (₹5 Cr+) in the preceding financial year.

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

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