Welcome to your COMMERCE
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
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