Accounting - Study Mode
[#2716] A Master Budget consists of
Correct Answer
(D) All of the above
Explanation
Solution: A Master Budget consists of Sales budget, Production budget and Material budget. The master budget is the aggregation of all lower-level budgets produced by a company's various functional areas, and also includes budgeted financial statements, a cash forecast, and a financing plan.
[#2717] The accounting process involves recording
Correct Answer
(A) Quantifiable economic event
Explanation
Solution: The accounting process involves recording Quantifiable economic event. An accounting event is a transaction that is recognized in the financial statements of an accounting entity.
[#2718] In accounting, an economic event is referred to as
Correct Answer
(C) Transaction
Explanation
Solution: In accounting, an economic event is referred to as Transaction. An accounting event is a transaction that is recognized in the financial statements of an accounting entity. In accounting, a transaction includes such things as recording the depreciation of an asset or payment of dividends. Accounting events can be either external or internal.
[#2719] Accrual system of accounting is also known as
Correct Answer
(B) Mercantile system
[#2720] Match the following List-I List-II a. Ind AS-223 1. Impairment of assets b. Ind AS-27 2. Borrowing costs c. Ind AS-36 3. Agriculture d. Ind AS-41 4. Separate financial statements
Correct Answer
(B) a-2, b-4, c-1, d-3