An unregistered partnership firm: MCQ with Answer and Explanation
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Question #1
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The 'Principal vs Agent' consideration under Ind AS 115 determines:
Correct Answer: Option B
Explanation:
Principal reports revenue gross; agent reports only commission/fee.
Principal reports revenue gross; agent reports only commission/fee.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Component Auditor' in a group audit is:
Correct Answer: Option A
Explanation:
Group auditor may use the work of component auditors.
Group auditor may use the work of component auditors.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: Under GST, the 'E-way bill' is required for the movement of goods where the consignment value exceeds ₹50,000. S2: The E-way bill is generated on the common portal by the registered person before the commencement of the movement of goods. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
Both statements are correct. Rule 138 of the CGST Rules mandates an e-way bill for goods valued over ₹50,000, and it must be generated by the supplier/recipient before the goods are moved.
Both statements are correct. Rule 138 of the CGST Rules mandates an e-way bill for goods valued over ₹50,000, and it must be generated by the supplier/recipient before the goods are moved.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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