Which of the following is not a financial statement? MCQ with Answer and Explanation

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Which of the following is not a financial statement?

A. Profit & Loss Account

B. Balance Sheet

C. Cash Flow Statement

D. Trial Balance

Answer: Option D

Solution (By JKSSB Mock Tests)

Trial balance is a working paper, not a financial statement.

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

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Question #1

Under GST, the 'E-way bill' is not required for the movement of goods:

A. None of the above

B. From the consignor's place of business to the transporter's place of business for transportation

C. Where the consignment value is less than ₹50,000

D. Both A and B

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Correct Answer: Option D

Explanation:
An e-way bill is not required if the consignment value is below ₹50,000, or for specific movements like goods being sent to a transporter for the purpose of transportation from the consignor's place of business.

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

Question #2

The point at which Total Revenue equals Total Cost is known as:

A. Shut-down Point

B. Maximum Profit Point

C. Break-Even Point

D. Margin of Safety

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Correct Answer: Option C

Explanation:
At the break-even point, a business makes neither a profit nor a loss (Total Revenue = Total Costs).

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

Question #3

The minimum number of members in a private company is:

A. 3

B. 10

C. 7

D. 2

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Correct Answer: Option D

Explanation:
Private company requires minimum 2 members.

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

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