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

Question
Which of the following is not a part of the Balance Sheet?
A. Fixed Assets
B. Share Capital
C. Current Liabilities
D. Gross Profit
Answer: Option D
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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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is not an objective of a financial audit?
A. Ensuring absolute accuracy of books
B. Expressing an opinion on financial statements
C. Detection of errors
D. Detection of fraud
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Correct Answer: Option A

Explanation:
Audit provides reasonable assurance, not absolute accuracy. The objective is to detect material misstatements due to fraud or error and express an opinion.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Cost Records' under Companies Act 2013 are required to be maintained by:
A. Only service companies
B. Only manufacturing companies
C. Companies engaged in specified sectors as per MCA rules
D. All companies
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Correct Answer: Option C

Explanation:
The central government specifies class of companies required to maintain cost records.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Journal Proper' is used to record:
A. Transactions that cannot be entered in any subsidiary book
B. All credit sales
C. All credit purchases
D. All cash transactions
Discuss
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Correct Answer: Option A

Explanation:
Journal proper is for opening entries, closing entries, transfer entries, rectification entries, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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