Grouping of similar items and arranging them in a specific order in the Balance Sheet is called: MCQ with Answer and Explanation

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Grouping of similar items and arranging them in a specific order in the Balance Sheet is called:

A. Marshalling

B. Summarising

C. Journalising

D. Valuation

Answer: Option A

Solution (By JKSSB Mock Tests)

Marshalling is the arrangement of assets and liabilities in a defined sequence, typically by liquidity or permanence.

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

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Question #1

Zero-Based Budgeting (ZBB) requires managers to:

A. Increase the budget by a flat zero percent

B. Keep all expenses at zero

C. Base the new budget on last year's actuals

D. Justify every expense from scratch for every new period

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Correct Answer: Option D

Explanation:
ZBB starts from a 'zero base', requiring a fresh justification for all funding rather than relying on historical data.

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

Question #2

Which of the following documents serves as a source voucher for a credit purchase?

A. Pay-in slip

B. Cash memo

C. Invoice received from supplier

D. Debit note issued by us

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Correct Answer: Option C

Explanation:
The supplier's invoice is the evidence of a credit purchase, acting as a source voucher.

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Question #3

Which document is issued by an unregistered supplier under GST when they sell exempted goods?

A. Receipt Voucher

B. Bill of Supply

C. Tax Invoice

D. Debit Note

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Correct Answer: Option B

Explanation:
A Bill of Supply is issued instead of a Tax Invoice when dealing in exempted goods or when the supplier is under the Composition Scheme.

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