The 'GST Compensation to States' is for a period of: MCQ with Answer and Explanation

Question Report Error

The 'GST Compensation to States' is for a period of:

A. Indefinite

B. 10 years

C. 3 years

D. 5 years

Answer: Option D

Solution (By JKExamLibrary)

Compensation to states for revenue loss was guaranteed for 5 years from GST implementation (2017-2022).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Closing stock is valued at:

A. Market (Net Realizable) Value

B. Cost Price or Market Value, whichever is higher

C. Cost Price or Market Value, whichever is lower

D. Cost Price

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Correct Answer: Option C

Explanation:
Based on the principle of conservatism (prudence), inventory is valued at Cost or Net Realizable Value (Market Value), whichever is less.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Securities and Exchange Board of India' (SEBI) regulates:

A. Commodity futures only

B. Insurance market

C. Banking

D. Capital markets and securities

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Correct Answer: Option D

Explanation:
SEBI is the regulator for securities market in India.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The 'Concept of OCI' (Other Comprehensive Income) was introduced to:

A. Bypass profit and loss for all items

B. Reduce tax

C. Hide losses

D. Report certain gains and losses outside profit or loss to present a more comprehensive view

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Correct Answer: Option D

Explanation:
OCI captures unrealised gains/losses and re-measurements not routed through P&L.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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