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