The 'Integrated Accounting' system means: MCQ with Answer and Explanation

Question Report Error

The 'Integrated Accounting' system means:

A. Keeping cost and financial accounts separately

B. Integrating tax and accounts

C. Maintaining a single set of books for both cost and financial accounting

D. Using manual and computer together

Answer: Option C

Solution (By JKExamLibrary)

Integrated system avoids separate ledgers, using common accounts for both purposes.

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

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Question #1 Report Error

S1: Under GST, the 'Reverse Charge Mechanism' (RCM) is applicable on the import of services. S2: Under RCM, the supplier is liable to pay the GST. Which statement(s) is/are correct?

A. S2 only

B. Both S1 and S2

C. S1 only

D. Neither S1 nor S2

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Correct Answer: Option C

Explanation:
S1 is correct; RCM applies to the import of services. S2 is incorrect because under RCM, the liability to pay GST shifts from the supplier to the recipient of the goods or services.

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