GST Council decisions are taken by a majority of not less than: MCQ with Answer and Explanation

GST Council decisions are taken by a majority of not less than:
A. Unanimous vote
B. Three-fourths of the weighted votes
C. Two-thirds of the weighted votes
D. Simple majority
Answer: Option B
Solution (By JKSSB Mock Tests)
Article 279A dictates that every decision of the GST Council must be supported by a minimum of 75% (three-fourths) weighted majority of the members present and voting.

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Practice More Accountancy and Book Keeping Questions

Question #1
Life Membership Fees received by a club is treated as:
A. Deferred Revenue Income
B. Capital Receipt (added to Capital Fund)
C. Current Liability
D. Revenue Receipt (credited to Income & Expenditure A/c)

Correct Answer: Option B


Explanation:
It is a one-time non-recurring receipt representing a lifetime obligation, hence capitalized and added to the Capital Fund.

Question #2
The 'Analytical Procedures' are required:
A. Only as substantive
B. Only at planning stage
C. At planning, as substantive procedures, and at final review stage
D. Never

Correct Answer: Option C


Explanation:
SA 520 mandates analytical procedures at these stages.

Question #3
The Profit and Loss Appropriation Account is prepared:
A. Before preparing Trading Account
B. Instead of Profit & Loss Account
C. Only in case of losses
D. After preparing Profit & Loss Account

Correct Answer: Option D


Explanation:
P&L Appropriation Account is prepared after the Profit & Loss Account to distribute the net profit among partners.