In the modern approach, an increase in asset is: MCQ with Answer and Explanation

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In the modern approach, an increase in asset is:

A. Debited

B. Transferred

C. Credited

D. No entry

Answer: Option A

Solution (By JKSSB Mock Tests)

In modern equation approach, increase in asset is debited; decrease credited.

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

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Question #1

The 'Reverse Charge Mechanism' under GST means:

A. Tax is paid by the supplier

B. Tax is paid by the recipient of supply

C. Tax is deferred

D. Tax is exempt

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Correct Answer: Option B

Explanation:
Under reverse charge, the liability to pay GST shifts from the supplier to the recipient.

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

Question #2

Input Tax Credit under GST is available for:

A. Exempted supplies only

B. Goods and services used for business purposes

C. Personal consumption goods

D. All goods and services

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Correct Answer: Option B

Explanation:
Input tax credit can be availed only on inputs used for business purposes, subject to conditions under GST law.

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

Question #3

The 'Kisan Credit Card' (KCC) is a scheme for:

A. Urban credit

B. Providing timely credit to farmers for agricultural needs

C. Education loan

D. Housing loan

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Correct Answer: Option B

Explanation:
KCC provides short-term credit to farmers.

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

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