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Practice More Accountancy and Book Keeping Questions
Question #1
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The 'Nil-Rated Supply' under GST means:
Correct Answer: Option D
Explanation:
Nil-rated supplies are taxed at 0% but no input tax credit is available. Exempt supplies also fall here. Zero-rated (export) allows ITC.
Nil-rated supplies are taxed at 0% but no input tax credit is available. Exempt supplies also fall here. Zero-rated (export) allows ITC.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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An example of a Semi-Variable Cost is:
Correct Answer: Option C
Explanation:
A telephone bill typically has a fixed rental component plus a variable component based on call volume.
A telephone bill typically has a fixed rental component plus a variable component based on call volume.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Interest on drawings is charged to partners' capital/current accounts because:
Correct Answer: Option B
Explanation:
Interest on drawings is a gain for the firm, so it is credited to Profit & Loss Appropriation Account and debited to partners' capital accounts.
Interest on drawings is a gain for the firm, so it is credited to Profit & Loss Appropriation Account and debited to partners' capital accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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