S1: Cost audit is mandatory for all companies in India. S2: Cost audit is conducted to verify the accuracy of cost records. Which statement(s) is/are correct?
Explanation:
Cost audit is not mandatory for all companies; it is only required for specific classes of companies (like those in regulated sectors or manufacturing) as prescribed by the Central Government. S2 is correct as it verifies cost records. S1 is incorrect.
Assertion (A): A Bank Reconciliation Statement is a part of the books of accounts. Reason (R): It is prepared to find out the correct bank balance. Choose the correct option:
A.Both A and R are true and R is the correct explanation of A.
B.Both A and R are true but R is not the correct explanation of A.
S1: Under GST, the 'E-way bill' is required for the movement of goods where the consignment value exceeds ₹50,000. S2: The E-way bill is generated on the common portal by the registered person before the commencement of the movement of goods. Which statement(s) is/are correct?
Explanation:
Both statements are correct. Rule 138 of the CGST Rules mandates an e-way bill for goods valued over ₹50,000, and it must be generated by the supplier/recipient before the goods are moved.
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