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WorksheetsSPECTRUM THEORY QUIZ -6
Total questions: 20
Worksheet time: 10mins
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
Following the written down value method of depreciation on particular asset year after year is because of ….. Convention
Disclosure
Conservatism
Materiality
Consistency
Wages paid for installation of machinery debited to wages account. This is an error of
Omission
Principle
Commission
Duplication
Under contracting a part of the notional profit transferred to …...
Work in Progress Reserve
Work in Progress
Work uncertified
Capital
Festival advance of Rs 25000 was given to employees at the time of Diwali. It is a
Revenue Expenditure
Capital Expenditure
Deferred Revenue Expenditure
None of the above
Under straight-line method depreciation is calculated on ….. Of the asset
Book value
Sales cost
Estimated cost
Original cost
The sales day book is a part of ledger
TRUE
FALSE
The expanded accounting equation is used by which statement
Cash flow statement
Balance sheet
Income statement
None of the above
Under GST reversal of ITC, if payment of goods not made to supplier within
90 days
60 days
180 days
120 days
Goods withdrawn by proprietor should be credited to
Sales a/c
Drawings a/c
Purchase a/c
None of the above
E INVOICE is mandatory for registered person whose aggregate turnover in a financial year is more than RS___ from 1st AUG 2023
5 crore
10 crore
20 crore
15 crore
