Which of the following is a current liability? MCQ with Answer and Explanation

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Which of the following is a current liability?

A. Mortgage Loan

B. Sundry Creditors

C. Goodwill

D. Debentures

Answer: Option B

Solution (By JKExamLibrary)

Sundry Creditors are amounts owed to suppliers for goods purchased on credit, which are typically due within one year, making them a current liability.

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

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

The 'Gross Profit' is transferred to:

A. Balance Sheet liability

B. Capital Account

C. Profit and Loss Account credit

D. Trading Account debit

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Correct Answer: Option C

Explanation:
Gross profit is credited to Profit & Loss Account.

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

Question #2 Report Error

The 'First-time Adoption of Ind AS' (Ind AS 101) requires:

A. Full retrospective application of all Ind AS with certain optional exemptions and mandatory exceptions

B. No changes

C. Prospective application

D. Only current year change

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Correct Answer: Option A

Explanation:
Ind AS 101 sets the transition rules with some relief.

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

Question #3 Report Error

GSTR-1 is a return filed for:

A. TDS deduction

B. Annual consolidated tax

C. Details of inward supplies (purchases)

D. Details of outward supplies (sales)

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Correct Answer: Option D

Explanation:
GSTR-1 is the monthly/quarterly return where regular taxpayers declare their outward supplies (sales) and tax liability.

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

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