The main purpose of preparing a 'Ledger' is: MCQ with Answer and Explanation
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Question #1
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The 'Voting weight' of the Union Government in GST Council is:
Correct Answer: Option B
Explanation:
Union has one-third weight and all states together have two-thirds weight.
Union has one-third weight and all states together have two-thirds weight.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Fair Value Accounting requires assets and liabilities to be measured at:
Correct Answer: Option B
Explanation:
Under Fair Value, items are reported based on current market valuations, replacing the traditional historical cost concept for many financial instruments.
Under Fair Value, items are reported based on current market valuations, replacing the traditional historical cost concept for many financial instruments.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the context of the Indian Financial System, the 'National Housing Bank' (NHB) was established as a wholly owned subsidiary of which institution?
Correct Answer: Option A
Explanation:
The National Housing Bank (NHB) was set up in 1988 as a wholly owned subsidiary of the Reserve Bank of India (RBI) to regulate and promote housing finance institutions. (Note: It was later transferred to the central government in 2019, but historically it was an RBI subsidiary).
The National Housing Bank (NHB) was set up in 1988 as a wholly owned subsidiary of the Reserve Bank of India (RBI) to regulate and promote housing finance institutions. (Note: It was later transferred to the central government in 2019, but historically it was an RBI subsidiary).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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