The 'Basic Customs Duty' is levied under: MCQ with Answer and Explanation
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Question #1
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Non-cash vouchers are also known as:
Correct Answer: Option D
Explanation:
Transfer vouchers (or non-cash vouchers) are used to record non-cash transactions like credit sales, credit purchases, and depreciation.
Transfer vouchers (or non-cash vouchers) are used to record non-cash transactions like credit sales, credit purchases, and depreciation.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A: Cash-based accounting records transactions only when cash is received or paid. R: Cash-based accounting provides a true and fair view of the financial position. Choose the correct option.
Correct Answer: Option A
Explanation:
Cash-based accounting only records cash inflows and outflows. It does not record credit transactions or outstanding/prepaid items, hence it fails to provide a true and fair view of the financial position. A is true, R is false.
Cash-based accounting only records cash inflows and outflows. It does not record credit transactions or outstanding/prepaid items, hence it fails to provide a true and fair view of the financial position. A is true, R is false.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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GST Council decisions are taken by a majority of not less than:
Correct Answer: Option A
Explanation:
Article 279A dictates that every decision of the GST Council must be supported by a minimum of 75% (three-fourths) weighted majority of the members present and voting.
Article 279A dictates that every decision of the GST Council must be supported by a minimum of 75% (three-fourths) weighted majority of the members present and voting.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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