The 'Input Service Distributor' (ISD) under GST distributes: MCQ with Answer and Explanation
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Question #1
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In the preparation of Income and Expenditure Account, outstanding expenses at the end are:
Correct Answer: Option A
Explanation:
Outstanding expenses increase the total expense for the period.
Outstanding expenses increase the total expense for the period.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In the context of recent developments, what is the full form of 'Ind-AS'?
Correct Answer: Option B
Explanation:
Ind-AS stands for Indian Accounting Standards, which are the standards converged with IFRS (International Financial Reporting Standards) and notified under the Companies Act.
Ind-AS stands for Indian Accounting Standards, which are the standards converged with IFRS (International Financial Reporting Standards) and notified under the Companies Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: The Treasury Single Account (TSA) is a unified bank account of the government. S2: Under TSA, all cash balances of various government departments are pooled together. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
TSA is a single consolidated bank account (usually with the RBI) where all government cash receipts are deposited and all payments are made, effectively pooling all departmental cash balances.
TSA is a single consolidated bank account (usually with the RBI) where all government cash receipts are deposited and all payments are made, effectively pooling all departmental cash balances.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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