Welcome to your COMMERCE
The following is a statement of revenues and expenses for a specific period of time
Input Tax credit as credited in Electronic Credit ledger can be utilized for
Is Input tax to be reversed in case of supply of capital goods
The long term assets that have no physical existence but are rights that have value is known as
Balance sheet is a statement of
Liquid or Quick assets =
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?
Liabilities are which of the following?
_______ is the gross inflow of economic benefits
Which of the following is the external user of financial statements?
Balance sheets are prepared
A low Return on Investment Ratio (ROI) indicates
In accounting, an economic event is referred to as
Can Mr. A avail credit on Input services or capital goods held in stock, in case of new registration/voluntary Registration
Bookkeeping mainly consists of which part of accounting process?
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
A person is entitled to take credit of input tax as self-assessed in the return and credited to Electronic credit ledger on
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A Master Budget consists of
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 measure of how efficiently the assets resources are employed by the firm is called
A continuous supply of goods requires one of the following as a must:
In case of goods sent on sale on approval basis, invoice has to be issued:
Lower the Debt Equity ratio
Banking company or Financial Institution have an option of claiming ITC:
Matching of Input Tax credit on inward supply by recipient is undertaken with
Current ratio =
Whether depreciation on tax component of capital goods and Plant and Machinery and whether input tax credit (ITC) is Permissible?
The registered recipient must issue an invoice in the following cases:
Budgeting is difficult to apply in the following cases
________ is the first phase of accounting cycle
The accounting process involves recording
A higher inventory ratio indicates
______ is a separate legal entity whose total capital can be divided into many shares
An acknowledgement must be given on receipt of advance payment in respect of supply of goods or services:
An asset possesses which of the following?
Any return evidence in support of a business transaction is called
The following is (are) the current liability (ies)
Auditing refers to
Patents, Copyrights and Trademarks are
For capital goods, proportionate credit is allowed
The sales income (Credit and Cash) of a business during a given period is called
The process of entering all transactions from the Journal to Ledger is called
Identify the correct sequence of accounting process
Return on Investment Ratio (ROI) =
Tax invoice must be issued by________
A bill of supply can be issued in case of inter-State and intra-State:
The time limit beyond which if goods are not returned, the input sent for job work shall be treated as supply
If there is Mis-match of supplier’s outward supply and recipient’s claim for Input Tax credit on the same transaction
The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply
Which of the following is the internal user of financial statements?
Sales expenditure budget is prepared by estimating the expense(s) of
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
The debts which are to be repaid within a short period (year or less) are known as
The following is a statement showing the financial status of the comapany at any given time
Provisional Input tax credit can be utilized against
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