The 'Receipts and Payments Account' is prepared by: MCQ with Answer and Explanation

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The 'Receipts and Payments Account' is prepared by:

A. Trading concerns

B. Partnership firms

C. Companies

D. Non-profit organizations

Answer: Option D

Solution (By JKSSB Mock Tests)

Non-profit organizations prepare Receipts and Payments Account as a summary of cash transactions.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following taxes is subsumed under GST?

A. Income Tax

B. Stamp Duty

C. Customs Duty

D. Value Added Tax (VAT)

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Correct Answer: Option D

Explanation:
State VAT, Central Excise, and Service Tax were among the major indirect taxes subsumed into GST.

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

Question #2

Which of the following is NOT a component of financial statements for a sole proprietorship?

A. Trading Account

B. Balance Sheet

C. Profit & Loss Account

D. Statement of Changes in Equity

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Correct Answer: Option D

Explanation:
Statement of Changes in Equity is typically a required component for corporate entities under Ind AS, not for standard sole proprietorships.

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Question #3

The 'Social Welfare Surcharge' is levied on:

A. All taxes

B. Basic customs duty

C. Income tax

D. GST

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Correct Answer: Option B

Explanation:
Social welfare surcharge is levied on the aggregate of duties of customs, except certain items.

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

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