The 'Composition Scheme' under GST is optional for: MCQ with Answer and Explanation
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Question #1
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Provision for doubtful debts created at the year-end is debited to:
Correct Answer: Option B
Explanation:
Creating a provision is an expected indirect loss based on conservatism, so it is charged to the Profit and Loss Account.
Creating a provision is an expected indirect loss based on conservatism, so it is charged to the Profit and Loss Account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Throughput Accounting' emphasises:
Correct Answer: Option A
Explanation:
Throughput accounting is based on the Theory of Constraints.
Throughput accounting is based on the Theory of Constraints.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: The Profit and Loss Appropriation Account is prepared by a partnership firm. S2: It is prepared to distribute the net profit among the partners. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
A partnership firm prepares a Profit and Loss Appropriation Account after the Profit and Loss Account. Its purpose is to distribute the net profit among partners by accounting for interest on capital, salaries, and profit shares. Both are correct.
A partnership firm prepares a Profit and Loss Appropriation Account after the Profit and Loss Account. Its purpose is to distribute the net profit among partners by accounting for interest on capital, salaries, and profit shares. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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