GST was introduced in India on: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
A: A Real Account is never closed at the end of the accounting year. R: Real accounts represent assets and properties of the business. Choose the correct option.
Correct Answer: Option B
Explanation:
Real accounts represent assets, which carry forward their balances to the next year because they represent ongoing resources of the business. R correctly explains why they are permanent and never closed.
Real accounts represent assets, which carry forward their balances to the next year because they represent ongoing resources of the business. R correctly explains why they are permanent and never closed.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
A capital expenditure of ₹5,000 erroneously recorded as revenue expenditure will result in:
Correct Answer: Option A
Explanation:
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
The 'Swachh Bharat Cess' was a cess on:
Correct Answer: Option B
Explanation:
Swachh Bharat Cess at 0.5% was levied on taxable services before GST.
Swachh Bharat Cess at 0.5% was levied on taxable services before GST.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!