The 'Statement of Changes in Equity' shows: MCQ with Answer and Explanation

Question
The 'Statement of Changes in Equity' shows:
A. Cash flows
B. Changes in owners' equity during the period
C. Changes in assets
D. Changes in liabilities
Answer: Option B
Solution (By JKSSB Mock Tests)
It reconciles opening and closing equity, showing profit/loss, other comprehensive income, transactions with owners.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Social accounting is mandatory for:
A. All banks
B. No universal mandate, but some large entities voluntarily disclose
C. All companies
D. All public sector units
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Correct Answer: Option B

Explanation:
Social accounting is largely voluntary except for some mandated disclosures like CSR.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the straight-line method of depreciation, the depreciation amount:
A. Decreases every year
B. Remains constant every year
C. Is based on usage
D. Increases every year
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Correct Answer: Option B

Explanation:
Straight-line method charges equal amount of depreciation each year over the useful life of the asset.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In the context of the Indian Financial System, the 'Deposit Insurance and Credit Guarantee Corporation' (DICGC) is a wholly owned subsidiary of:
A. Ministry of Finance
B. Securities and Exchange Board of India
C. Reserve Bank of India
D. State Bank of India
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Correct Answer: Option C

Explanation:
The DICGC was established as a wholly owned subsidiary of the Reserve Bank of India (RBI) to provide deposit insurance and guarantee credit facilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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