'Creditors' in the balance sheet are shown as: MCQ with Answer and Explanation

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'Creditors' in the balance sheet are shown as:

A. Reserves

B. Liabilities

C. Assets

D. Capital

Answer: Option B

Solution (By JKSSB Mock Tests)

Creditors are amounts payable, hence liabilities.

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

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Question #1

A 'Non-Resident' is a person who:

A. Has income only outside India

B. Does not satisfy the basic conditions of residence

C. Is a foreign citizen

D. Lives abroad permanently

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Correct Answer: Option B

Explanation:
Non-resident status is determined by fulfilling conditions under Section 6 of Income Tax Act.

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

Question #2

Which tax reform introduced the concept of 'One Nation, One Tax'?

A. Fringe Benefit Tax

B. Wealth Tax Abolition

C. Goods and Services Tax (GST)

D. Value Added Tax (VAT)

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Correct Answer: Option C

Explanation:
GST integrated multiple indirect taxes across India into a single unified tax structure.

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

Question #3

Goodwill is classified as:

A. Intangible asset

B. Current asset

C. Fictitious asset

D. Tangible asset

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Correct Answer: Option A

Explanation:
Goodwill is an intangible asset representing the value of a business's reputation, customer relationships, etc.

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

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