'Benami Transactions' are prohibited under: MCQ with Answer and Explanation

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'Benami Transactions' are prohibited under:

A. GST Act

B. Income Tax Act

C. Companies Act

D. Benami Transactions (Prohibition) Act, 1988

Answer: Option D

Solution (By JKSSB Mock Tests)

Benami property transactions are illegal under the Benami Act.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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Which type of voucher is used to record a transaction that does not involve cash or bank at all?

A. Journal Voucher

B. Debit Voucher

C. Credit Voucher

D. Payment Voucher

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Correct Answer: Option A

Explanation:
A Journal Voucher (or Non-Cash/Transfer Voucher) is used for credit purchases, credit sales, depreciation, and adjusting entries.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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In cost accounting, 'Idle Time' means:

A. Overtime worked

B. Standard time

C. Time spent on maintenance

D. Time for which workers are paid but no production occurs

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Correct Answer: Option D

Explanation:
Idle time is unproductive time for which wages are paid.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

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The 'GST Compensation Cess' is levied to compensate states for:

A. Natural calamities

B. Loss of revenue due to GST implementation

C. Excess expenditure

D. Loan repayment

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Correct Answer: Option B

Explanation:
Compensation cess compensates states for revenue shortfall during the transition period.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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