IFRS stands for: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
The 'Arm's Length Price' is:
Correct Answer: Option B
Explanation:
Arm's length price is the price applied in a transaction between independent parties under similar conditions.
Arm's length price is the price applied in a transaction between independent parties under similar conditions.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
In a non-profit organization, the excess of income over expenditure is called:
Correct Answer: Option C
Explanation:
Non-profit organizations use the term surplus (not profit) for excess of income over expenditure, shown in Income and Expenditure Account.
Non-profit organizations use the term surplus (not profit) for excess of income over expenditure, shown in Income and Expenditure Account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
S1: Under GST, the Reverse Charge Mechanism (RCM) is applicable on the supply of notified services by an unregistered person to a registered person. S2: Under RCM, the recipient of the service is liable to pay GST and can also claim ITC on the same, subject to normal ITC rules. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Both statements are correct. RCM shifts the liability to pay GST to the recipient for notified services from unregistered suppliers, and the recipient can claim ITC if the service is used for business and not blocked under Section 17(5).
Both statements are correct. RCM shifts the liability to pay GST to the recipient for notified services from unregistered suppliers, and the recipient can claim ITC if the service is used for business and not blocked under Section 17(5).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!