Which of the following is a 'Qualifying Asset' for borrowing cost capitalisation under AS 16? MCQ with Answer and Explanation
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Question #1
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S1: GST is a comprehensive indirect tax. S2: GST is levied on the supply of goods and services. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
GST is a comprehensive, multi-stage, destination-based indirect tax. It is levied on every value addition, specifically on the supply of goods and services. Both statements are correct.
GST is a comprehensive, multi-stage, destination-based indirect tax. It is levied on every value addition, specifically on the supply of goods and services. Both statements are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A: The Trial Balance is a statement, not an account. R: It is prepared to check the arithmetical accuracy of the ledger. Choose the correct option.
Correct Answer: Option B
Explanation:
The Trial Balance is indeed a statement of ledger balances, and its primary purpose is to check arithmetical accuracy. However, the fact that it is a statement does not explain why it checks accuracy; the double-entry system does.
The Trial Balance is indeed a statement of ledger balances, and its primary purpose is to check arithmetical accuracy. However, the fact that it is a statement does not explain why it checks accuracy; the double-entry system does.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Job Work' under GST means:
Correct Answer: Option D
Explanation:
Job work involves undertaking a process on goods owned by another person.
Job work involves undertaking a process on goods owned by another person.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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