SPECTRUM THEORY QUIZ -6

Which of the following is NOT one of the four basic financial statements

• Balance sheet

• Audit report

• Income statement

• Statement of cash flow

Which of the following is the most appropriate objective of an enterprise?

• maximization of sales

• maximization of shareholder's wealth

• managing of cash flows

• none of these

Which of the following is the external source of cash?

• long term loans

• short term borrowings 

• issue of new shares

• all of the above

Both the Balance sheet and Income statement shows the financial position of the business enterprises

• TRUE

• FALSE

Who is  authorized for decision making under GST

• Indian parliament

• Indian finance minister

• GST council

• Prime minister of India

Which budget is prepared for advertising, salary and market analysis

• operating budget

• sales expenditure budget

• static budget

• labour budget

GST supplies to SEZ are

• Subject to IGST

• Subject to CGST & SGST

• Subject to Zero rated

• IGST & customs duty

Proforma Invoice is sent by

• Consignee to Consignor

• Consignor to consignee

• Debtors to consignee

• Consignee to debtors

……. Is an amount held back from a payment made under a construction contract

• Work in progress 

• WIP Reserve

• Notional Profit

• Retention money

Supplies of two or more taxable supplies naturally bundled and supplied is called

• Mixed supply

• Common supply

• Composite supply

• Taxable supply