Correct Answer: provides an index of every account in an accounting system

Solution : An index of all the accounts in an accounting system is provided by a chart of accounts (COA), a financial and organisational tool. Hence, the correct option is 1.

Correct Answer:

M's share of revaluation profit is 1/5th 

Solution : Answer = M's share of revaluation profit is 1/5th 

When a new partner is admitted to a partnership, their share of revaluation profit is typically based on their agreed-upon profit-sharing ratio. Since M is admitted for a 1/5 share, their share of revaluation profit would also be 1/5th, in accordance with their profit-sharing ratio.
Hence, the correct option is 2.

Correct Answer: Both 1 and 2

Solution : Answer = Both 1 and 2

The accounting standard prescribes that the Cash Flow Statement be prepared using either the Direct Method, which lists actual cash inflows and outflows, or the Indirect Method, which adjusts net income for non-cash items.
Hence, the correct option is 3.

Correct Answer: All of the above

Solution : The Top 5 Computerized Accounting System Features
Bringing Together Different Accounting Functions.
Automation, precision, and quickness.
analyses and reports
Accessibility and consistency.
increased control and visibility over finances

Hence the correct answer is option 4.

Correct Answer: None of the above

Solution : Answer = None of the above

All of the statements listed are characteristics of the Statement of Profit and Loss. It indeed depicts a company's financial performance, covers a specific accounting period, and presents historical data. Therefore, none of the statements are incorrect, and the answer is: "None of the above."
Hence, the correct option is 4.

Correct Answer: Premium on Redemption of Debentures Account is credited at the time of payment, i.e., on redemption of debentures.

Solution : Answer = Premium on Redemption of Debentures Account is credited at the time of payment, i.e., on redemption of debentures.

Discount or Loss on Issue of Debentures is a capital loss for a company, which is written off in the year it is incurred, i.e., in the year the debentures are allotted from:
(i) Securities Premium Reserve, if it exists, i.e., has a balance, and
(ii) Statement of Profit and Loss.
At the time of redemption of Debentures premium on redemption of Debentures A/c  is debited.
 

Correct Answer: Income,product and expenditure

Solution : The correct answer is Income,product and expenditure.

Social accounting measure is the method of estimating the national income of India. It is the value of total goods and services produced in India i.e GDP of India. In India GDP is measured in 3 ways- Income method, expenditure method, and  product method/value added method.

Correct Answer: All of the Above

Solution : All the accounting software are readily/ easily available in the todays's market.

Hence the correct answer is option 4.

Correct Answer: Profit and loss account

Solution : Answer = Profit and loss account

The Profit and Loss Account, also known as the Income Statement, summarizes a company's financial performance over a specific period by detailing revenues, expenses, gains, and losses. It provides insights into the profitability of the business operations during that accounting period.
Hence, the correct option is 1.

Correct Answer: None of the above

Solution : Answer = None of the above

All of the statements listed are characteristics of the Statement of Profit and Loss. It indeed depicts a company's financial performance, covers a specific accounting period, and presents historical data. Therefore, none of the statements are incorrect, and the answer is: "None of the above."
Hence, the correct option is 4.