The 'Financial Statements' of a company must comply with: MCQ with Answer and Explanation

Question
The 'Financial Statements' of a company must comply with:
A. Income Tax Act
B. Partnership Act
C. Companies Act and Accounting Standards
D. GST Act
Answer: Option C
Solution (By JKSSB Mock Tests)
Companies Act 2013 and Accounting Standards govern financial statements.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Goods and Services Tax' on services provided by a director to a company is:
A. Taxable under reverse charge if the director is not an employee
B. Always exempt
C. Not treated as supply
D. Exempt
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Correct Answer: Option A

Explanation:
Services provided by a non-executive director are taxable under RCM.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which financial statement shows the net profit or loss for an accounting period?
A. Cash Flow Statement
B. Balance Sheet
C. Statement of Profit & Loss
D. Trial Balance
Discuss
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Correct Answer: Option C

Explanation:
The Statement of Profit & Loss (Profit & Loss Account) calculates the net result of operations.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'GST Suvidha Providers' (GSPs) are:
A. Private entities authorised to provide GST compliance services
B. Tax officials
C. Government agencies
D. Banks
Discuss
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Correct Answer: Option A

Explanation:
GSPs facilitate taxpayers in filing returns and other GST compliances via software.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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