Professional Knowledge MCQs

Which examination is least likely to find the 'MAHAVITARAN Junior Assistant (Accounts)' book useful, based on the information provided?

A business recorded a transaction, but accidentally debited the wrong account. Which accounting task addresses this error?

An accountant discovers that several invoices from the previous month were never entered into the accounting system. Which bookkeeping principle is most directly violated?

A company uses accounting software that automatically generates a trial balance. However, the trial balance is not balancing. What is the most likely cause?

A company purchases equipment with a loan. Which accounts are affected in the accounting equation?

Each month, a business deposits cash into its bank account, makes payments via cheque, and receives payments through online transfers. Where are all these transactions recorded?

A business has a bank overdraft. How will this appear on a bank reconciliation statement?

A company's accountant notices that a payment made to a supplier was recorded twice in the cash book. Which action is necessary to rectify this error?

Which of the following represents the most accurate description of depreciation?

A company's machinery broke down due to an unexpected accident. The repair costs were significant. How might this event affect the depreciation expense?

A company's accountant discovers that a sale on credit was completely omitted from the accounting records. Which type of error is this?

Which statement is most accurate regarding the need for rectifying accounting errors?

Which of the following best describes the purpose of preparing a trading account?

A business erroneously includes a personal expense of the owner in its financial statements. Which accounting principle is violated?

A business uses the single-entry system. What financial statement will it be unable to prepare directly?

Why might a small business choose to use a Single Entry System?

In the absence of a partnership agreement, how are profits and losses typically divided among partners?

Which characteristic defines the liability of partners in a general partnership?

Which document outlines the rights, responsibilities, and obligations of partners in a partnership?

What is the primary objective of a 'Not for Profit' organization?

Which financial statement would a 'Not for Profit' organization primarily use instead of a Profit & Loss Account?

Under the Indian Contract Act, what is the essential nature of 'consideration' in a valid contract?

According to the Indian Contract Act, what is the impact of a lack of consideration on an agreement?

The Negotiable Instruments Act, 1881 deals primarily with which documents?

Under the Negotiable Instruments Act, what type of undertaking is contained in a promissory note for the payment of money?

What is the primary purpose of The Employees' Provident Funds and Miscellaneous Provisions Act, 1952?

According to the provided text, what schemes are presently in effect under The Employees' Provident Funds and Miscellaneous Provisions Act, 1952?

What does the Payment of Bonus Act, 1965 aim to achieve?

As per the Payment of Bonus Act, how is 'allocable surplus' determined from available surplus?

According to the Payment of Gratuity Act, completion of five years of continuous service is not required for gratuity payment in which situation?

According to the Minimum Wages Act,what is essential for abolishing poverty?

According to Industrial Disputes Act, which is considered is an industry?

According to the Companies Act, 2013,what is the purpose behind this act?

Which of the following is not be the goal for wealth maximisation?

What are the accounting duties?

Which of the following factor is most appropriate, obtained by an auditor?