A Value Added Statement is an important component of: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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A credit purchase of machinery worth ₹50,000 will:
Correct Answer: Option D
Explanation:
Machinery (asset) increases, and a creditor liability increases. So assets and liabilities both increase.
Machinery (asset) increases, and a creditor liability increases. So assets and liabilities both increase.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A: Internal audit is a continuous process. R: Internal audit is conducted by the statutory auditor. Choose the correct option.
Correct Answer: Option B
Explanation:
Internal audit is a continuous, ongoing appraisal system by the management. It is conducted by internal audit staff, not the statutory (external) auditor, who conducts the annual financial audit. A is true, R is false.
Internal audit is a continuous, ongoing appraisal system by the management. It is conducted by internal audit staff, not the statutory (external) auditor, who conducts the annual financial audit. A is true, R is false.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Goods and Services Tax Network' (GSTN) is structured as:
Correct Answer: Option A
Explanation:
GSTN is a not-for-profit company under Section 8 of Companies Act.
GSTN is a not-for-profit company under Section 8 of Companies Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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