The 'Goods and Services Tax Network' (GSTN) is: MCQ with Answer and Explanation
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Question #1
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S1: ABC analysis is a technique of inventory control. S2: In ABC analysis, 'A' items represent high value and low quantity. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
ABC analysis classifies inventory based on usage value. 'A' items are the most valuable, typically representing a small percentage of total quantity but a large percentage of total inventory cost. Both statements are correct.
ABC analysis classifies inventory based on usage value. 'A' items are the most valuable, typically representing a small percentage of total quantity but a large percentage of total inventory cost. Both statements are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In the context of the Indian Financial System, the 'Securities Appellate Tribunal' (SAT) hears appeals against the orders of:
Correct Answer: Option C
Explanation:
The Securities Appellate Tribunal (SAT) is a statutory body that hears appeals against orders passed by SEBI, PFRDA (Pension Fund Regulatory and Development Authority), and IRDAI (Insurance Regulatory and Development Authority).
The Securities Appellate Tribunal (SAT) is a statutory body that hears appeals against orders passed by SEBI, PFRDA (Pension Fund Regulatory and Development Authority), and IRDAI (Insurance Regulatory and Development Authority).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: Income Tax is a direct tax. S2: Income Tax is levied by the State Governments in India. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
Income Tax is a direct tax levied on the income of individuals and entities. However, it is levied and collected by the Central Government, not the State Governments. S1 is correct, S2 is incorrect.
Income Tax is a direct tax levied on the income of individuals and entities. However, it is levied and collected by the Central Government, not the State Governments. S1 is correct, S2 is incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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