A bank reconciliation statement is prepared to reconcile the difference between: MCQ with Answer and Explanation
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Question #1
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The 'Monetary Unit Sampling' (MUS) is a:
Correct Answer: Option C
Explanation:
MUS selects sample items based on monetary units, focusing on larger values.
MUS selects sample items based on monetary units, focusing on larger values.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the Income Tax Act, the 'TDS' on payment of commission or brokerage exceeding ₹15,000 in a financial year is governed by which section, and what is the rate?
Correct Answer: Option D
Explanation:
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: Under GST, the 'Reverse Charge Mechanism' (RCM) is applicable on the import of services. S2: Under RCM, the supplier is liable to pay the GST. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
S1 is correct; RCM applies to the import of services. S2 is incorrect because under RCM, the liability to pay GST shifts from the supplier to the recipient of the goods or services.
S1 is correct; RCM applies to the import of services. S2 is incorrect because under RCM, the liability to pay GST shifts from the supplier to the recipient of the goods or services.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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