wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

SPECTRUM THEORY QUIZ -6

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

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

a)

Balance sheet

b)

Audit report

c)

Income statement

d)

Statement of cash flow

2.

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

a)

maximization of sales

b)

maximization of shareholder's wealth

c)

managing of cash flows

d)

none of these

3.

Which of the following is the external source of cash?

a)

long term loans

b)

short term borrowings 

c)

issue of new shares

d)

all of the above

4.

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

a)

TRUE

b)

FALSE

5.

Who is  authorized for decision making under GST

a)

Indian parliament

b)

Indian finance minister

c)

GST council

d)

Prime minister of India

6.

Which budget is prepared for advertising, salary and market analysis

a)

operating budget

b)

sales expenditure budget

c)

static budget

d)

labour budget

7.

GST supplies to SEZ are

a)

Subject to IGST

b)

Subject to CGST & SGST

c)

Subject to Zero rated

d)

IGST & customs duty

8.

Proforma Invoice is sent by

a)

Consignee to Consignor

b)

Consignor to consignee

c)

Debtors to consignee

d)

Consignee to debtors

9.

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

a)

Work in progress 

b)

WIP Reserve

c)

Notional Profit

d)

Retention money

10.

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

a)

Mixed supply

b)

Common supply

c)

Composite supply

d)

Taxable supply

11.

Following the written down value method of depreciation on particular asset year after year is because of ….. Convention

a)

Disclosure

b)

Conservatism

c)

Materiality

d)

Consistency

12.

Wages paid for installation of machinery debited to wages account. This is an error of

a)

Omission

b)

Principle

c)

Commission

d)

Duplication

13.

Under contracting a part of the notional profit transferred to …...

a)

Work in Progress Reserve

b)

Work in Progress  

c)

Work uncertified

d)

Capital

14.

 Festival advance of Rs 25000 was given to employees at the time of Diwali. It is a

a)

Revenue Expenditure

b)

Capital Expenditure

c)

Deferred Revenue Expenditure

d)

None of the above

15.

Under straight-line method depreciation is calculated on ….. Of the asset

a)

Book value

b)

Sales cost

c)

Estimated cost

d)

Original cost

16.

The sales day book is a part of ledger

a)

TRUE

b)

FALSE

17.

The expanded accounting equation is used by which statement

a)

Cash flow statement

b)

Balance sheet

c)

Income statement

d)

None of the above

18.

Under GST reversal of ITC, if payment of goods not made to supplier within

a)

90 days

b)

60 days

c)

180 days

d)

120 days

19.

Goods withdrawn by proprietor should be credited to

a)

Sales a/c

b)

Drawings a/c

c)

Purchase a/c

d)

None of the above

20.

E INVOICE  is mandatory for registered person whose aggregate turnover in a financial year is more than RS___ from 1st AUG 2023

a)

5 crore

b)

10 crore

c)

20 crore

d)

15 crore