Which of the following statements regarding the Accounting Equation is INCORRECT?
A. Assets = Liabilities + Capital
B. Assets = External Liabilities + Internal Liabilities
C. Assets = Capital - Liabilities
D. Assets = External Equities + Internal Equities
Answer: Option C
Solution (By JKSSB Mock Tests)
The correct accounting equation is Assets = Liabilities + Capital. Therefore, Assets = Capital - Liabilities is mathematically and conceptually incorrect.
Which of the following statements about GST is/are correct? 1. It is a destination-based consumption tax. 2. It subsumes all central and state indirect taxes. 3. Petroleum products are presently outside GST. 4. The GST Council is a constitutional body.
No comments yet. Be the first to start the discussion!