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Question #1
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The 'HSN Code' requirement for invoices under GST for turnover above ₹5 crore:
Correct Answer: Option B
Explanation:
Taxpayers with turnover > ₹5 crore must mention 6-digit HSN on invoices.
Taxpayers with turnover > ₹5 crore must mention 6-digit HSN on invoices.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Institute of Chartered Accountants of India' (ICAI) was established by:
Correct Answer: Option D
Explanation:
ICAI was established by the Chartered Accountants Act, 1949.
ICAI was established by the Chartered Accountants Act, 1949.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In Trading Account, closing stock is valued at:
Correct Answer: Option A
Explanation:
As per the prudence concept and AS 2, closing stock is valued at cost or net realizable value, whichever is lower.
As per the prudence concept and AS 2, closing stock is valued at cost or net realizable value, whichever is lower.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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