S1: GST is a comprehensive indirect tax. S2: GST is levied on the supply of goods and services. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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In a computerised accounting system, the 'Voucher Type' defines:
Correct Answer: Option A
Explanation:
Voucher type categorises transactions for processing and posting.
Voucher type categorises transactions for processing and posting.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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As per the concept of Social Accounting, the entity should account for:
Correct Answer: Option A
Explanation:
Social Accounting involves measuring and reporting the social and environmental impact of an entity's activities.
Social Accounting involves measuring and reporting the social and environmental impact of an entity's activities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: The Profit and Loss Appropriation Account is prepared by a company. S2: The Profit and Loss Appropriation Account is prepared by a partnership firm. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
A company does not prepare a Profit and Loss Appropriation Account; it transfers profits to reserves and dividends via the Statement of Changes in Equity. Only a partnership firm prepares this account to distribute profits among partners. S1 is incorrect, S2 is correct.
A company does not prepare a Profit and Loss Appropriation Account; it transfers profits to reserves and dividends via the Statement of Changes in Equity. Only a partnership firm prepares this account to distribute profits among partners. S1 is incorrect, S2 is correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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