The 'Zero-Rated Supply' under GST means: MCQ with Answer and Explanation
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Question #1
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In a Cash Book with discount columns, the total of the 'Discount Received' column is posted to the:
Correct Answer: Option A
Explanation:
Discount Received is a gain (nominal account rule: credit all gains), so the periodic total is posted to the credit side of the Discount Received ledger account.
Discount Received is a gain (nominal account rule: credit all gains), so the periodic total is posted to the credit side of the Discount Received ledger account.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: TDS stands for Tax Deducted at Source. S2: TDS is a direct tax. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
TDS stands for Tax Deducted at Source, a mechanism for collecting income tax. However, TDS is a *mode of collection* for direct taxes (like Income Tax), not a tax itself. S1 is correct, S2 is conceptually inaccurate as TDS is a collection method.
TDS stands for Tax Deducted at Source, a mechanism for collecting income tax. However, TDS is a *mode of collection* for direct taxes (like Income Tax), not a tax itself. S1 is correct, S2 is conceptually inaccurate as TDS is a collection method.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Earnings Per Share' (Ind AS 33) requires disclosure of:
Correct Answer: Option D
Explanation:
Ind AS 33 mandates both basic and diluted EPS for entities whose shares are publicly traded.
Ind AS 33 mandates both basic and diluted EPS for entities whose shares are publicly traded.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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