Cash Flow Statement as per AS 3 classifies activities into: MCQ with Answer and Explanation

Question
Cash Flow Statement as per AS 3 classifies activities into:
A. Direct and Indirect
B. Operating, Investing, and Financing
C. Current and Non-current
D. Revenue and Capital
Answer: Option B
Solution (By JKSSB Mock Tests)
AS 3 requires classification into operating, investing, and financing activities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Advance Ruling' under GST provides:
A. Registration
B. Audit report
C. Penalty imposition
D. Clarity on tax liability on proposed transactions
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Correct Answer: Option D

Explanation:
Advance ruling helps businesses determine GST implications before undertaking a transaction.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Principal vs Agent' consideration under Ind AS 115 determines:
A. The tax rate
B. Timing of revenue
C. Whether revenue is recognised gross or net
D. Discounting
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Correct Answer: Option C

Explanation:
Principal reports revenue gross; agent reports only commission/fee.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Business Combinations' (Ind AS 103) require acquisition method. It involves:
A. Pooling of interests
B. Identifying acquirer, determining acquisition date, recognising and measuring identifiable assets, liabilities, and non-controlling interest, and recognising goodwill or bargain purchase
C. No goodwill
D. Only merger accounting
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Correct Answer: Option B

Explanation:
Ind AS 103 mandates the acquisition method for business combinations.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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