The 'GST on Virtual Digital Assets' is: MCQ with Answer and Explanation

Question Report Error

The 'GST on Virtual Digital Assets' is:

A. Exempt

B. 28%

C. 18%

D. 5%

Answer: Option C

Solution (By JKExamLibrary)

GST on services related to VDA is generally 18%.

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

The 'Traditional Approach' classifies accounts into:

A. Real, personal, nominal

B. Current and non-current

C. Income, expenses, assets

D. Assets, liabilities, equity

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Correct Answer: Option A

Explanation:
Under traditional British approach, accounts are classified as personal, real, and nominal.

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

Question #2 Report Error

Blockchain technology in accounting is primarily used for:

A. Preparing tax returns

B. Calculating depreciation

C. Immutable and transparent record-keeping

D. Manual ledger posting

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Correct Answer: Option C

Explanation:
Blockchain provides a distributed ledger that is secure, transparent, and tamper-proof.

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

Question #3 Report Error

A petty cashier is given Rs 2,000 as float. He spends Rs 1,750 during the month. Under the imprest system, how much will he receive at the start of the next month?

A. Rs 1,750

B. Rs 250

C. Rs 2,000

D. Rs 3,750

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Correct Answer: Option A

Explanation:
Reimbursement equals the exact amount spent (Rs 1,750) so the float is restored back to the imprest limit of Rs 2,000.

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

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