The 'Reverse Charge Mechanism' under GST means: MCQ with Answer and Explanation
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Question #1
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A contra entry is passed in the:
Correct Answer: Option D
Explanation:
Contra entries involve transactions between cash and bank columns and are recorded exclusively in the triple-column cash book.
Contra entries involve transactions between cash and bank columns and are recorded exclusively in the triple-column cash book.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The Trading Account is prepared to ascertain:
Correct Answer: Option B
Explanation:
Trading account compares direct revenues (sales) with direct costs (purchases, direct expenses) to find the Gross Profit or Loss.
Trading account compares direct revenues (sales) with direct costs (purchases, direct expenses) to find the Gross Profit or Loss.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A firm has an Operating Cycle of 15 months. A liability payable in 14 months will be classified as:
Correct Answer: Option B
Explanation:
According to Schedule III, a liability is current if it is due within 12 months OR within the entity's normal operating cycle (15 months here).
According to Schedule III, a liability is current if it is due within 12 months OR within the entity's normal operating cycle (15 months here).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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