Notes to Accounts are provided to: MCQ with Answer and Explanation

Question
Notes to Accounts are provided to:
A. Replace the Trial Balance
B. Calculate daily cash flow
C. Provide detailed disclosures and accounting policies
D. Make the balance sheet look longer
Answer: Option C
Solution (By JKSSB Mock Tests)
Notes to Accounts offer detailed breakdowns, accounting policies, and explanatory information supporting the numbers in the financial statements.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The Income Tax Act, 1961 classifies income under how many heads?
A. Six
B. Four
C. Seven
D. Five
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Correct Answer: Option D

Explanation:
Heads of income: Salary, House property, Business/profession, Capital gains, Other sources. Total five heads.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'GST Suvidha Providers' (GSPs) are:
A. Government agencies
B. Banks
C. Private entities authorised to provide GST compliance services
D. Tax officials
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Correct Answer: Option C

Explanation:
GSPs facilitate taxpayers in filing returns and other GST compliances via software.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Chairperson of GST Council' is:
A. Union Finance Minister
B. Finance Secretary
C. Revenue Secretary
D. Prime Minister
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Correct Answer: Option A

Explanation:
Union Finance Minister is the ex-officio chairperson of GST Council.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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