The 'GST Suvidha Providers' (GSPs) are: MCQ with Answer and Explanation
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Question #1
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The Margin of Safety is the difference between:
Correct Answer: Option B
Explanation:
Margin of safety indicates how much sales can drop before the business starts incurring a loss. Formula: Actual Sales - Break-Even Sales.
Margin of safety indicates how much sales can drop before the business starts incurring a loss. Formula: Actual Sales - Break-Even Sales.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In standard costing, if the actual material mix is changed due to a shortage of a specific material, how should the Material Mix Variance be calculated?
Correct Answer: Option C
Explanation:
When there is a shortage of a material and the actual mix is altered, the Material Mix Variance must be calculated using the Revised Standard Mix, not the original standard mix.
When there is a shortage of a material and the actual mix is altered, the Material Mix Variance must be calculated using the Revised Standard Mix, not the original standard mix.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Going Concern Concept' implies:
Correct Answer: Option A
Explanation:
It assumes the entity will continue operations and not liquidate.
It assumes the entity will continue operations and not liquidate.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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