Under GST, the 'Taxable Event' is: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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According to the Companies Act, which financial statement details cash inflows and outflows?
Correct Answer: Option B
Explanation:
The Cash Flow Statement provides historical information about changes in cash and cash equivalents, categorized into operating, investing, and financing activities.
The Cash Flow Statement provides historical information about changes in cash and cash equivalents, categorized into operating, investing, and financing activities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A: Fixed overheads are ignored in marginal costing. R: Marginal costing only considers variable costs for decision making. Choose the correct option.
Correct Answer: Option B
Explanation:
In marginal costing, fixed overheads are treated as period costs and are not included in the cost of production. This is because marginal costing focuses on variable costs for short-term decision making. Both are true, but R is the underlying principle, not just an explanation of ignoring fixed costs.
In marginal costing, fixed overheads are treated as period costs and are not included in the cost of production. This is because marginal costing focuses on variable costs for short-term decision making. Both are true, but R is the underlying principle, not just an explanation of ignoring fixed costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Assertion (A): In a bank reconciliation statement, if we start with the overdraft balance as per the Cash Book, cheques deposited but not credited by the bank will be added. Reason (R): Cheques deposited but not credited increase the bank balance as per the pass book, but not the cash book. Choose the correct option.
Correct Answer: Option B
Explanation:
A is false. If starting with an overdraft as per the Cash Book, cheques deposited but not credited (which increase the pass book balance) must be deducted to increase the overdraft amount, not added. R is true as a standalone statement.
A is false. If starting with an overdraft as per the Cash Book, cheques deposited but not credited (which increase the pass book balance) must be deducted to increase the overdraft amount, not added. R is true as a standalone statement.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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