XBRL stands for: MCQ with Answer and Explanation

Question

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XBRL stands for:

A. External Business Record Language

B. Extensible Business Reporting Language

C. Extra Balance and Revenue Ledger

D. Extended Banking Reporting Ledger

Answer: Option B

Solution (By JKSSB Mock Tests)

XBRL is an open international standard for digital business reporting, tagging financial data for easy automated analysis.

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

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Question #1

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The primary objective of cost accounting is:

A. To prepare financial accounts

B. To ascertain selling price

C. To calculate tax

D. To ascertain cost and control cost

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Correct Answer: Option D

Explanation:
Cost accounting focuses on recording, classifying, and controlling costs to aid management decisions.

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

Question #2

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When shares are forfeited, the Share Capital Account is debited by:

A. Face value of shares

B. Paid up value of shares

C. Called up value of shares

D. Issue price of shares

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Correct Answer: Option C

Explanation:
Upon forfeiture, the share capital account must be reduced (debited) by the amount that was called up by the company until that date.

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Question #3

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An unregistered partnership firm:

A. Has no existence

B. Is illegal

C. Cannot enter into contracts

D. Cannot sue but can be sued

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Correct Answer: Option D

Explanation:
An unregistered firm faces disabilities like not being able to enforce its rights in court.

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

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