The 'Impersonal Accounts' are: MCQ with Answer and Explanation
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Question #1
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The 'Accounting Equation' remains intact under:
Correct Answer: Option C
Explanation:
Double entry system always maintains the balance of accounting equation. Single entry does not.
Double entry system always maintains the balance of accounting equation. Single entry does not.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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GSTR-1 is a return filed for:
Correct Answer: Option D
Explanation:
GSTR-1 is the monthly/quarterly return where regular taxpayers declare their outward supplies (sales) and tax liability.
GSTR-1 is the monthly/quarterly return where regular taxpayers declare their outward supplies (sales) and tax liability.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under GST, the 'Composition Scheme' is not available to which of the following?
Correct Answer: Option B
Explanation:
The Composition Scheme under GST is specifically barred for suppliers of services (other than restaurant services), casual taxable persons, non-resident taxable persons, and suppliers of ice cream, pan masala, tobacco, and casino/gambling services.
The Composition Scheme under GST is specifically barred for suppliers of services (other than restaurant services), casual taxable persons, non-resident taxable persons, and suppliers of ice cream, pan masala, tobacco, and casino/gambling services.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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