Which of the following statements is true about the Trial Balance? MCQ with Answer and Explanation

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Which of the following statements is true about the Trial Balance?

A. It is a subsidiary book

B. It is an account

C. It is a statement

D. It is a part of ledger

Answer: Option C

Solution (By JKSSB Mock Tests)

Trial balance is a statement, not an account.

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

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Input Tax Credit under GST can be claimed on:

A. Goods used for business furtherance

B. Motor vehicles for personal use

C. Membership of club

D. Food and beverages for employees

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Correct Answer: Option A

Explanation:
ITC is available only for inputs used in the course of business, subject to conditions in CGST Act.

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Question #2

Adjusted Purchases is calculated as:

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B. Opening Stock + Net Purchases + Direct Expenses

C. Opening Stock + Net Purchases - Closing Stock

D. Opening Stock + Net Purchases

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Correct Answer: Option C

Explanation:
Adjusted purchases represent the cost of materials actually consumed during the year, removing the stock left unsold.

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Question #3

A costing system that focuses on continuous small improvements in manufacturing processes to reduce costs is known as:

A. Target Costing

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Correct Answer: Option B

Explanation:
Kaizen costing is a Japanese concept involving continuous, incremental improvements to reduce costs during the manufacturing phase.

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

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