The 'Cash Flow Statement' is prepared as per: MCQ with Answer and Explanation

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The 'Cash Flow Statement' is prepared as per:

A. AS 3

B. AS 10

C. AS 9

D. AS 22

Answer: Option A

Solution (By JKSSB Mock Tests)

AS 3 deals with preparation of cash flow statements.

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

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Question #1

The 'Tax Return Preparer' (TRP) scheme was launched to:

A. Assist small and marginal taxpayers in filing returns

B. Collect tax

C. Audit returns

D. Replace CAs

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Correct Answer: Option A

Explanation:
TRP scheme helps individuals who cannot afford professional help.

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

Question #2

What is the correct journal entry for interest on capital provided to the owner?

A. Debit Interest on Capital, Credit Cash

B. Debit Interest on Capital, Credit Capital

C. Debit Capital, Credit Interest on Capital

D. Debit P&L Account, Credit Cash

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Correct Answer: Option B

Explanation:
Interest on capital is an expense (Debit), and it increases the owner's capital account (Credit).

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Question #3

The maximum rate of interest on calls-in-arrears is:

A. 12%

B. 5%

C. 6%

D. 10%

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Correct Answer: Option D

Explanation:
Table F prescribes maximum 10% p.a. on calls in arrears.

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

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