Which of the following is a non-GST supply? MCQ with Answer and Explanation
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Question #1
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S1: In a cash flow statement under Ind AS 7, dividends paid can be classified as either operating or financing activities. S2: Interest paid can be classified as either operating or financing activities. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
Ind AS 7 allows flexibility. Dividends paid can be classified as financing (cash outflow for financing) or operating (to assist in determining cash from operations). Interest paid can be operating or financing. Both are correct.
Ind AS 7 allows flexibility. Dividends paid can be classified as financing (cash outflow for financing) or operating (to assist in determining cash from operations). Interest paid can be operating or financing. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In a flexible budget, the budgeted cost for a given level of activity is based on:
Correct Answer: Option C
Explanation:
Flexible budget adjusts for different activity levels by separating fixed and variable costs.
Flexible budget adjusts for different activity levels by separating fixed and variable costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In case of a partnership firm, the liability of partners is:
Correct Answer: Option D
Explanation:
In a general partnership, partners have unlimited liability, jointly and severally, for firm's debts.
In a general partnership, partners have unlimited liability, jointly and severally, for firm's debts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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