Business Compliance Quiz
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Questions and Answers

Which method can be used to prepare cash flow statements as prescribed by Accounting standard -3?

  • Indirect method
  • Direct method
  • Both indirect and direct methods (correct)
  • None of the above

    • Which activities are covered in the preparation of cash flow statements?

  • Operating, selling, and purchasing activities
  • Operating, investing, and financing activities (correct)
  • Operating, selling, and financing activities
  • Operating, investing, and purchasing activities

    • What is the purpose of preparing a cash flow statement?

  • To calculate income tax refunds
  • To track the value of business assets
  • To determine the profitability of a business
  • To analyze the cash inflows and outflows of a business (correct)

    • Which method is commonly used to prepare cash flow statements?

    <p>Indirect method</p> Signup and view all the answers

    According to Accounting standard -3, how many methods can be used to prepare cash flow statements?

    <p>Two methods</p> Signup and view all the answers

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