Adjusted Purchases is calculated as: MCQ with Answer and Explanation

Question
Adjusted Purchases is calculated as:
A. Opening Stock + Net Purchases - Closing Stock
B. Net Purchases - Closing Stock
C. Opening Stock + Net Purchases
D. Opening Stock + Net Purchases + Direct Expenses
Answer: Option A
Solution (By JKSSB Mock Tests)
Adjusted purchases represent the cost of materials actually consumed during the year, removing the stock left unsold.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Social Accounting relies on capturing a firm's impact on its environment. Which standard is widely used globally for such reporting?
A. IFRS 9
B. Ind AS 115
C. XBRL
D. GRI (Global Reporting Initiative) Standards
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Correct Answer: Option D

Explanation:
GRI provides the most widely used comprehensive framework globally for sustainability and social impact reporting.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A 'Bank Overdraft' is shown in Balance Sheet as:
A. Contra asset
B. Long-term liability
C. Current liability
D. Current asset
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Correct Answer: Option C

Explanation:
Bank overdraft is repayable on demand, hence a current liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
GST in India is a:
A. Destination-based consumption tax
B. Wealth tax
C. Origin-based tax
D. Direct tax
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Correct Answer: Option A

Explanation:
GST is levied where goods and services are consumed rather than where they are produced.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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