Commerce Exam

Banking company or Financial Institution have an option of claiming ITC:

Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?

Budgeting is difficult to apply in the following cases

The accounting process involves recording

Mr. A obtains new registration, voluntary registration, change of scheme from composition to regular scheme and from exempted goods/services to taxable goods/services. He can avail credit on inputs lying in stock. What is the time limit for taking said credit

The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources

Balance sheet is a statement of

An asset possesses which of the following?

The following is a statement of revenues and expenses for a specific period of time

Lower the Debt Equity ratio

______ is a separate legal entity whose total capital can be divided into many shares

Whether credit can be availed without actual receipt of goods where goods are transferred through transfer of document of title before or during the movement of goods?

The sales income (Credit and Cash) of a business during a given period is called

In accounting, an economic event is referred to as

The debts which are to be repaid within a short period (year or less) are known as

The registered recipient must issue an invoice in the following cases:

_______ is the gross inflow of economic benefits

Which of the following is the external user of financial statements?

Provisional Input tax credit can be utilized against

A higher inventory ratio indicates

Input Tax credit as credited in Electronic Credit ledger can be utilized for

Identify the correct sequence of accounting process

Any return evidence in support of a business transaction is called

Patents, Copyrights and Trademarks are

The following is a statement showing the financial status of the comapany at any given time

The long term assets that have no physical existence but are rights that have value is known as

Is Input tax to be reversed in case of supply of capital goods

The following is (are) the current liability (ies)

Balance sheets are prepared

A bill of supply can be issued in case of inter-State and intra-State:

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration

Current ratio =

The process of entering all transactions from the Journal to Ledger is called

The time limit beyond which if goods are not returned, the input sent for job work shall be treated as supply

A low Return on Investment Ratio (ROI) indicates

For capital goods, proportionate credit is allowed

________ is the first phase of accounting cycle

An acknowledgement must be given on receipt of advance payment in respect of supply of goods or services:

Liabilities are which of the following?

The measure of how efficiently the assets resources are employed by the firm is called

The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply

Sales expenditure budget is prepared by estimating the expense(s) of

Matching of Input Tax credit on inward supply by recipient is undertaken with

Liquid or Quick assets =

In case of goods sent on sale on approval basis, invoice has to be issued:

Is the principal entitled for credit of goods though he has not received the goods and has been sent to job worker directly by vendor

Bookkeeping mainly consists of which part of accounting process?

Return on Investment Ratio (ROI) =

A continuous supply of goods requires one of the following as a must:

Which of the following is the internal user of financial statements?

A Master Budget consists of

Tax invoice must be issued by________

If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transaction

Auditing refers to

A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on