The objective of 'Financial Statements' is to provide information about: MCQ with Answer and Explanation

Question

Share Report Error

The objective of 'Financial Statements' is to provide information about:

A. Only liabilities

B. Only profit

C. Only assets

D. Financial position, performance, and cash flows

Answer: Option D

Solution (By JKSSB Mock Tests)

Financial statements present the financial position, performance, and cash flows of an entity.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'Income Tax (Ind AS 12)' requires deferred tax on:

A. Only timing differences

B. Permanent differences

C. No deferred tax

D. All temporary differences

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Deferred tax is recognised for temporary differences between carrying amount and tax base.

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

Question #2

The 'Going Concern' assessment: If management concludes that the entity is not a going concern, the financial statements should be prepared on:

A. Going concern basis

B. Cash basis

C. Break-up basis (liquidation basis)

D. Accrual basis

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
If not going concern, financial statements are prepared on a break-up basis.

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

Question #3

TDS (Tax Deducted at Source) must be deposited to the credit of the Central Government by the deductor usually within:

A. 30 days of deduction

B. 7th day of the next month

C. Same day of deduction

D. End of the financial year

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Generally, TDS deducted in a month must be deposited to the government by the 7th of the following month.

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

Explore All Accountancy and Book Keeping MCQs