A Value Added Statement is an important component of: MCQ with Answer and Explanation

Question
A Value Added Statement is an important component of:
A. Cost Sheet
B. Cash Flow Statement
C. Bank Reconciliation
D. Social Accounting
Answer: Option D
Solution (By JKSSB Mock Tests)
A Value Added Statement shows how much wealth the company has created and how it is distributed among employees, government, providers of capital, and retained earnings.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Advance Tax' payment schedule for a non-corporate assessee is:
A. 15th June, 15th September, 15th December, 15th March
B. 31st March only
C. 15th March only
D. 15th September, 15th December, 15th March
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Correct Answer: Option A

Explanation:
For non-corporate taxpayers, advance tax is due in four instalments: 15th June (15%), Sept (45%), Dec (75%), March (100%) of tax due.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Customs Act, 1962' levies duty on:
A. Goods manufactured in India
B. Imported and exported goods
C. Services
D. Income
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Correct Answer: Option B

Explanation:
Customs duty is on imports and exports.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is NOT a type of budget?
A. Zero-Based Budget
B. Flexible Budget
C. Infinite Budget
D. Rolling Budget
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Correct Answer: Option C

Explanation:
Flexible, Zero-Based, and Rolling are recognized budgeting techniques. There is no such concept as an 'Infinite Budget'.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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