The financial statement that shows profitability for a period is: MCQ with Answer and Explanation

Question
The financial statement that shows profitability for a period is:
A. Funds Flow Statement
B. Profit and Loss Account
C. Balance Sheet
D. Cash Flow Statement
Answer: Option B
Solution (By JKSSB Mock Tests)
Profit and Loss Account shows the net profit or loss over a period.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'HSN Code' requirement for invoices under GST for turnover above ₹5 crore:
A. 8-digit HSN
B. 4-digit HSN
C. 2-digit HSN
D. 6-digit HSN
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Correct Answer: Option D

Explanation:
Taxpayers with turnover > ₹5 crore must mention 6-digit HSN on invoices.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Ind AS 115' replaces which earlier standards?
A. AS 10
B. AS 9 and AS 7
C. AS 3
D. AS 2
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Correct Answer: Option B

Explanation:
Ind AS 115 supersedes AS 9 (Revenue Recognition) and AS 7 (Construction Contracts).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Letter of Undertaking' (LUT) is used for exporting goods/services without payment of IGST by:
A. Only new exporters
B. Exporters with a good compliance history
C. Only manufacturers
D. All exporters
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Correct Answer: Option B

Explanation:
Exporters can furnish LUT instead of paying IGST and claiming refund.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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