The 'Exempt Supply' under GST means: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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When a trial balance does not tally, the difference is transferred to:
Correct Answer: Option A
Explanation:
A suspense account is opened to temporarily park the difference.
A suspense account is opened to temporarily park the difference.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Cost Records' under Companies Act 2013 are required to be maintained by:
Correct Answer: Option A
Explanation:
The central government specifies class of companies required to maintain cost records.
The central government specifies class of companies required to maintain cost records.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: In standard costing, the 'Idle Time Variance' is always adverse. S2: 'Abnormal Idle Time' is treated as a cost of the period and transferred to the Costing P&L. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
Idle time represents unproductive time, so the variance is always adverse (actual > standard). Normal idle time is absorbed in overheads, but abnormal idle time (due to strikes, accidents) is treated as a period cost and charged to the Costing P&L. Both are correct.
Idle time represents unproductive time, so the variance is always adverse (actual > standard). Normal idle time is absorbed in overheads, but abnormal idle time (due to strikes, accidents) is treated as a period cost and charged to the Costing P&L. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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