The financial statement that shows the financial position of an entity at a specific date is: MCQ with Answer and Explanation

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The financial statement that shows the financial position of an entity at a specific date is:

A. Cash Flow Statement

B. Balance Sheet

C. Profit & Loss Account

D. Trading Account

Answer: Option B

Solution (By JKSSB Mock Tests)

Balance Sheet is a statement of assets and liabilities as on a specific date, showing financial position.

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

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Question #1

The 'Target Costing' approach begins with:

A. Determining cost of production

B. Setting a desired selling price and then deducting desired profit margin to arrive at target cost

C. Budgeting

D. Calculating actual cost

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Correct Answer: Option B

Explanation:
Target costing is a market-driven approach: Target cost = Target selling price - Desired profit.

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Question #2

The 'GST Registration' threshold for normal states for supply of goods is:

A. ₹10 lakh

B. ₹20 lakh

C. ₹40 lakh

D. ₹1.5 crore

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Correct Answer: Option C

Explanation:
The threshold for goods supplier in normal states is ₹40 lakh (₹20 lakh for services).

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Question #3

A company issues 10,000 equity shares of ₹10 each at a premium of ₹5. The amount credited to Securities Premium A/c is:

A. ₹10,000

B. ₹1,50,000

C. ₹1,00,000

D. ₹50,000

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Correct Answer: Option D

Explanation:
Securities premium = shares * premium per share = 10,000 * 5 = ₹50,000.

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

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