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

Which of the following is a recent development in accounting?
A. Paper vouchers
B. Blockchain-based triple-entry accounting
C. Manual ledger posting
D. Handwritten journals
Answer: Option B
Solution (By JKSSB Mock Tests)
Blockchain is an emerging technology enabling triple-entry accounting, enhancing transparency and security.

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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Digital Rupee' (e₹) is issued by:
A. NPCI
B. Commercial banks
C. Reserve Bank of India
D. Government of India

Correct Answer: Option C


Explanation:
CBDC (Central Bank Digital Currency) is issued by the RBI.

Question #2
The 'Business Combinations' (Ind AS 103) require acquisition method. It involves:
A. Only merger accounting
B. No goodwill
C. Identifying acquirer, determining acquisition date, recognising and measuring identifiable assets, liabilities, and non-controlling interest, and recognising goodwill or bargain purchase
D. Pooling of interests

Correct Answer: Option C


Explanation:
Ind AS 103 mandates the acquisition method for business combinations.

Question #3
The 'Agriculture' (Ind AS 41) requires biological assets to be measured at:
A. Cost
B. Fair value less costs to sell
C. Historical cost
D. Net realisable value

Correct Answer: Option B


Explanation:
Ind AS 41 mandates fair value measurement for biological assets.