'Bills Payable' is shown under: MCQ with Answer and Explanation

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'Bills Payable' is shown under:

A. Current assets

B. Current liabilities

C. Capital

D. Non-current liabilities

Answer: Option B

Solution (By JKSSB Mock Tests)

Bills payable are obligations payable on demand or within a year, thus current liabilities.

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

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Question #1

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In the context of the Indian Financial System, the 'Securities and Exchange Board of India' (SEBI) was given statutory powers by which of the following Acts?

A. Companies Act, 2013

B. RBI Act, 1934

C. SEBI Act, 1992

D. Securities Contracts (Regulation) Act, 1956

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Correct Answer: Option C

Explanation:
SEBI was initially set up as a non-statutory body in 1988 but was granted statutory powers and authority through the SEBI Act, 1992.

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

Question #2

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Which of the following transactions will not affect the total of the Balance Sheet?

A. Sale of goods on credit at a profit

B. Cash deposited into bank

C. Purchase of machinery on credit

D. Payment to a creditor

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Correct Answer: Option B

Explanation:
Cash to bank is just a change in composition of assets; total assets unchanged. Other transactions change total assets/liabilities.

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Question #3

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The term 'Sweat Equity' refers to:

A. Shares issued to employees at discount or for consideration other than cash

B. Bonus shares

C. Rights shares

D. Shares issued to promoters for their efforts

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Correct Answer: Option A

Explanation:
Sweat equity shares are issued to employees or directors for providing know-how or value addition.

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