S1: In a cash flow statement, the purchase of an investment in the shares of another company is classified under investing activities. S2: The receipt of dividends on those shares is always classified under operating activities. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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Input Tax Credit under GST can be claimed on:
Correct Answer: Option D
Explanation:
ITC is available only for inputs used in the course of business, subject to conditions in CGST Act.
ITC is available only for inputs used in the course of business, subject to conditions in CGST Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Accounting Voucher' is prepared on the basis of:
Correct Answer: Option B
Explanation:
Accounting vouchers (debit/credit/transfer) are prepared from source documents.
Accounting vouchers (debit/credit/transfer) are prepared from source documents.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In a manufacturing account, 'Prime Cost' includes:
Correct Answer: Option B
Explanation:
Prime cost is the sum of all direct costs.
Prime cost is the sum of all direct costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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