COMMERCE

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

Tax invoice must be issued by________

Balance sheets are prepared

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

A Master Budget consists of

Provisional Input tax credit can be utilized against

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

Balance sheet is a statement of

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

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

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

_______ is the gross inflow of economic benefits

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

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

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

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

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

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?

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

Identify the correct sequence of accounting process

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

Return on Investment Ratio (ROI) =

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

________ is the first phase of accounting cycle

Budgeting is difficult to apply in the following cases

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

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

Liabilities are which of the following?

A low Return on Investment Ratio (ROI) indicates

Any return evidence in support of a business transaction is called

Current ratio =

The accounting process involves recording

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

An asset possesses which of the following?

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

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

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

Patents, Copyrights and Trademarks are

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

Bookkeeping mainly consists of which part of accounting process?

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

Auditing refers to

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

Lower the Debt Equity ratio

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

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

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:

A higher inventory ratio indicates

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

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

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

For capital goods, proportionate credit is allowed

In accounting, an economic event is referred to as