The 'GST Council' decisions require how much majority? MCQ with Answer and Explanation

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The 'GST Council' decisions require how much majority?
A. Unanimous
B. Simple majority of members present
C. Two-thirds majority
D. Three-fourths of weighted votes
Answer: Option D
Solution (By JKExamLibrary)
As per Article 279A, decisions are by majority of not less than three-fourths of weighted votes of members present and voting, with Union's weight one-third and states' two-thirds.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error
What is the correct journal entry for depreciation charged on machinery?
A. Debit Machinery A/c, Credit Depreciation A/c
B. Debit Depreciation A/c, Credit Machinery A/c
C. Debit P&L A/c, Credit Machinery A/c
D. Debit Depreciation A/c, Credit Cash A/c
Discuss

Correct Answer: Option B

Explanation:
Depreciation is an expense (Debit), and it reduces the value of the asset, so Machinery Account is credited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
The 'Dispute Resolution Committee' (DRC) under Income Tax deals with:
A. Large corporates
B. Non-residents
C. All taxpayers
D. Small taxpayers with returned income up to ₹50 lakh and disputed demand up to ₹10 lakh
Discuss

Correct Answer: Option D

Explanation:
DRC facilitates resolution of disputes for eligible small taxpayers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
The main difference between cash basis and accrual basis is:
A. Trial balance preparation
B. Use of vouchers
C. Recording of transactions
D. Timing of recognition of revenues and expenses
Discuss

Correct Answer: Option D

Explanation:
Cash basis recognises on cash flow; accrual on earning/incurring.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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