Which system of book-keeping is technically referred to as 'Accounting from Incomplete Records'? MCQ with Answer and Explanation

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Which system of book-keeping is technically referred to as 'Accounting from Incomplete Records'?

A. Accrual System

B. Double Entry System

C. Management Accounting

D. Single Entry System

Answer: Option D

Solution (By JKSSB Mock Tests)

Single entry system does not maintain a complete record of the dual aspect of every transaction, leading to incomplete records.

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

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Question #1

The 'GST Suvidha Providers' (GSPs) are:

A. Government agencies

B. Banks

C. Private entities authorised to provide GST compliance services

D. Tax officials

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Correct Answer: Option C

Explanation:
GSPs facilitate taxpayers in filing returns and other GST compliances via software.

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

Question #2

A trial balance shows equal totals but still contains an error of ₹2,000 where purchase of stationery was debited to furniture account. This is:

A. Error of omission

B. Error of principle

C. Compensating error

D. Error of commission

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Correct Answer: Option B

Explanation:
Stationery is revenue expenditure, furniture is asset. Treating revenue as capital is error of principle.

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

Question #3

Assertion (A): Under Ind AS 21, the functional currency of an entity is the currency of the primary economic environment in which the entity operates. Reason (R): The presentation currency can be different from the functional currency, and financial statements can be translated into any currency for presentation. Choose the correct option.

A. A is false but R is true

B. A is true but R is false

C. Both A and R are true and R is the correct explanation of A

D. Both A and R are true but R is NOT the correct explanation of A

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Correct Answer: Option D

Explanation:
Both statements are correct as per Ind AS 21. The functional currency is based on the primary economic environment. The presentation currency is just the currency in which the financials are displayed, and it can be different from the functional currency. R does not explain A; they are two separate concepts.

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

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