Which of the following is not a part of the Balance Sheet? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is not a part of the Balance Sheet?

A. Fixed Assets

B. Gross Profit

C. Current Liabilities

D. Share Capital

Answer: Option B

Solution (By JKSSB Mock Tests)

Gross profit is shown in Trading/Profit & Loss Account, not in the Balance Sheet.

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

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Question #1

Which of the following is a non-GST supply?

A. Cement

B. Mobile phones

C. Alcoholic liquor for human consumption

D. Software services

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Correct Answer: Option C

Explanation:
Alcoholic liquor for human consumption is outside GST, still subject to state excise.

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

Question #2

The 'Form 10IE' is to be filed for:

A. Opting for new income tax regime

B. Tax audit

C. GST registration

D. TDS return

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Correct Answer: Option A

Explanation:
Form 10IE is filed by individuals/HUFs to opt for the new tax regime.

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

Question #3

A: The Ledger is the book of final entry. R: All transactions from subsidiary books are posted to the Ledger. Choose the correct option.

A. A is false but R is true

B. Both A and R are true and R is the correct explanation of A

C. Both A and R are true but R is NOT the correct explanation of A

D. A is true but R is false

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Correct Answer: Option C

Explanation:
The Ledger is indeed the book of final entry (or principal book) where all transactions are ultimately classified. Transactions from subsidiary books are posted to it. Both are true, but R describes the process, not why it's called the book of final entry.

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

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