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B.Com Taxation — free MCQ practice

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B.Com Taxation subjects

Accountancy (30)

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The concepts, standards and rules guiding financial statements are known as:Read the answer and worked solution →The US agency that protects investors and regulates stock markets is the:Read the answer and worked solution →The SEC hands the job of writing US accounting standards to the:Read the answer and worked solution →Revenue is recognised in the period in which it is:Read the answer and worked solution →

Worked practice questions

The concepts, standards and rules guiding financial statements are known as:

  1. GAAP
  2. GATT
  3. GDPR
  4. GMAT
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Correct answer: A. GAAP

1. Statements must follow agreed rules. 2. Those rules are collected under one name. 3. That name is GAAP. _Source: OpenStax Principles of Accounting Volume 1, Chapter 3, Analyzing and Recording Transactions._

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The US agency that protects investors and regulates stock markets is the:

  1. SIM
  2. SEC
  3. SET
  4. SIP
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Correct answer: B. SEC

1. It enforces the accounting rules. 2. It also polices the share markets. 3. That agency is the SEC. _Source: OpenStax Principles of Accounting Volume 1, Chapter 3, Analyzing and Recording Transactions._

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The SEC hands the job of writing US accounting standards to the:

  1. FASB
  2. FSSAI
  3. FIFA
  4. FICCI
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Correct answer: A. FASB

1. The SEC enforces rather than drafts. 2. A standards board writes the rules. 3. That board is the FASB. _Source: OpenStax Principles of Accounting Volume 1, Chapter 3, Analyzing and Recording Transactions._

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