The 'Cash Flow Statement' is prepared as per: MCQ with Answer and Explanation

The 'Cash Flow Statement' is prepared as per:

A. AS 9

B. AS 10

C. AS 3

D. AS 22

Answer: Option C

AS 3 deals with preparation of cash flow statements.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Zero Base Budgeting' (ZBB) was first introduced in a country by:

A. UK

B. USA

C. India

D. Japan

Correct Answer: Option B

Explanation:
ZBB was popularised in the 1970s in the United States.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Liberalised Remittance Scheme' (LRS) allows a resident individual to remit up to:

A. USD 2,50,000 per financial year

B. No limit

C. USD 50,000

D. USD 1,00,000 per financial year

Correct Answer: Option A

Explanation:
Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permissible transactions.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

Under Section 80D of the Income Tax Act, a deduction is allowed for:

A. Interest on education loan

B. Medical insurance premiums

C. Donations to charities

D. Life insurance premiums

Correct Answer: Option B

Explanation:
Section 80D provides deductions for premiums paid toward health/medical insurance for self, family, and parents.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping