According to the Companies Act, which financial statement details cash inflows and outflows? MCQ with Answer and Explanation

Question
According to the Companies Act, which financial statement details cash inflows and outflows?
A. Statement of Changes in Equity
B. Statement of Profit and Loss
C. Balance Sheet
D. Cash Flow Statement
Answer: Option D
Solution (By JKSSB Mock Tests)
The Cash Flow Statement provides historical information about changes in cash and cash equivalents, categorized into operating, investing, and financing activities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A hybrid system of accounting is a mixture of:
A. Cash basis and Accrual basis
B. Double entry and Single entry
C. Indian GAAP and IFRS
D. Financial and Cost accounting
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Correct Answer: Option A

Explanation:
In a hybrid system, typically incomes are recorded on a cash basis while expenses are recorded on an accrual basis.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Letter of Undertaking' (LUT) for export without payment of IGST is valid for:
A. One year
B. Month
C. Financial year
D. One transaction
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Correct Answer: Option C

Explanation:
LUT is valid for a financial year; fresh LUT is filed each year.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Cash Book' serves as:
A. A subsidiary book for all transactions
B. Only a journal
C. Both journal and ledger for cash transactions
D. Only a ledger
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Correct Answer: Option C

Explanation:
Cash book records all cash and bank transactions, functioning as journal (original entry) and ledger.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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