Which of the following is a recent development in accounting? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is a recent development in accounting?

A. Manual ledger posting

B. Handwritten journals

C. Blockchain-based triple-entry accounting

D. Paper vouchers

Answer: Option C

Solution (By JKSSB Mock Tests)

Blockchain is an emerging technology enabling triple-entry accounting, enhancing transparency and security.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'Financial Reporting' under Ind AS is applicable to companies as per:

A. SEBI regulation

B. MCA notification

C. RBI directive

D. ICAI guideline

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Ministry of Corporate Affairs notifies Ind AS rules.

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

Question #2

The primary purpose of preparing a Profit and Loss Account is to find out:

A. Financial Position

B. Gross Profit

C. Net Profit or Net Loss

D. Total Assets

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
The P&L account deduces all indirect expenses from the gross profit to ascertain the final Net Profit or Loss for the period.

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

Question #3

The use of artificial intelligence (AI) in accounting is currently transforming:

A. The basic accounting equation

B. The legal definition of a company

C. The abolition of all taxes

D. Automated invoice processing and anomaly detection

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
AI automates routine tasks like data entry and enhances fraud detection by recognizing patterns (anomalies) faster than human auditors.

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

Explore All Accountancy and Book Keeping MCQs