Question : What is the purpose of a chart of accounts?
Option 1: it acts as a framework for a business's financial record-keeping procedure
Option 2: it acts as a framework for a business's non-financial record-keeping procedure
Option 3: it acts as a framework for a non-business's record-keeping procedure
Option 4: None of these
Correct Answer: it acts as a framework for a business's financial record-keeping procedure
Solution : The COA acts as the framework for a business's financial record-keeping procedure. It offers a logical framework that makes it easier to add new accounts and remove old ones. Hence, the correct option is 1.
Question : What is a significant difference between British and Indian accounts of the Revolt of 1857 in terms of their focus?
Option 1: British accounts focus on military strategies, while Indian accounts focus on social impact
Option 2: British accounts emphasize the role of technology, while Indian accounts highlight traditional warfare
Option 3: British accounts portray the revolt as a criminal act, while Indian accounts view it as a struggle for freedom
Option 4: British accounts are more factual, while Indian accounts are more emotional
Question : On firm dissolution, which one of the following accounts should be prepared at the last?
Option 1: Realization account
Option 2: Partner's capital account
Option 3: Partner's loan account
Option 4: Cash account
Question : Comptroller and Auditor General of India acts as friend , philosopher ,and Guide for
Option 1: Public Accounts Committee
Option 2: Estimates Commitee
Option 3: Finance Minister
Option 4: Committee on Public Undertakings
Question : When interpreting travel accounts from the medieval period, it is important to consider:
Option 1: The age of the traveler
Option 2: The traveler's personal biases and perspectives
Option 3: The color of the traveler's clothing
Option 4: The traveler's favorite foods
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