An amount of Rs 10,000 withdrawn by the proprietor for personal use will cause: MCQ with Answer and Explanation

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An amount of Rs 10,000 withdrawn by the proprietor for personal use will cause:

A. Decrease in Cash and Increase in Capital

B. Increase in Drawings and Increase in Liabilities

C. No change in total assets

D. Decrease in Cash and Decrease in Capital

Answer: Option D

Solution (By JKSSB Mock Tests)

Drawings reduce cash on the asset side and simultaneously reduce the proprietor's capital on the equity side.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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The 'External Commercial Borrowings' (ECB) policy is governed by:

A. DGFT

B. RBI

C. SEBI

D. Ministry of Finance

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Correct Answer: Option B

Explanation:
ECB policy and regulations are formulated by RBI in consultation with Government.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

'Earnings Per Share' is computed under:

A. AS 22

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Correct Answer: Option D

Explanation:
AS 20 prescribes the calculation and presentation of EPS.

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Question #3

Under GST, the term 'mixed supply' refers to:

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B. Supply of goods and services for a single price

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Correct Answer: Option A

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Mixed supply means two or more individual supplies of goods or services made in conjunction for a single price, where each item can be supplied separately.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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