WEEKLY QUIZ 04

Which concept states that all financial transactions should be supported with documentary evidence

• Objectivity

• Going concern

• Revenue Realization

A composite dealer can collect tax from its customers

• TRUE

• FALSE

Which of these electronic ledgers are maintained online?

• Electronic liability register

• Electronic credit ledger

• Electronic cash ledger

• All of the above

What does "N" stand for in HSN?

• Network

• Nomenclature

• Nomination

Which form is furnished for submission of details of outward supplies

• GSTR-1

• GSTR-2A

• GSTR-3B

In case of supply of goods by a composition dealer the registered person shall issue

• Tax invoice

• Bill of supply

• Receipt voucher

LUT Stands for

• Letter of Undertaking

• Letter of Understanding

• Letter of Unregistration

Excess of revenue over its expenses is known as

• Discount

• Profit

• Outstanding

The process of transforming raw materials into finished goods is known as

• Purchase

• Transporting

• Manufacturing

Prepaid expenses are treated as

• Current Asset

• Current Liability

• Indirect Expense