The 'Composition Scheme' under GST is optional for: MCQ with Answer and Explanation

Question
The 'Composition Scheme' under GST is optional for:
A. Small taxpayers with turnover up to specified limit
B. Importers
C. All taxpayers
D. Large taxpayers
Answer: Option A
Solution (By JKSSB Mock Tests)
Small taxpayers can opt for composition levy to reduce compliance burden.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
S1: The Indian Financial System comprises both organized and unorganized sectors. S2: The organized sector includes moneylenders and indigenous bankers. Which statement(s) is/are correct?
A. S2 only
B. Neither S1 nor S2
C. S1 only
D. Both S1 and S2
Discuss
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Correct Answer: Option C

Explanation:
The Indian Financial System has both organized (banks, RBI, stock exchanges) and unorganized (moneylenders, indigenous bankers) sectors. S2 is incorrect because moneylenders belong to the unorganized sector.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is not a component of 'Other Comprehensive Income' (OCI) under Ind AS?
A. Actuarial gains and losses on defined benefit plans
B. Exchange differences on translating foreign operations
C. Dividend income
D. Revaluation surplus on property, plant, and equipment
Discuss
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Correct Answer: Option C

Explanation:
Dividend income is reported in profit or loss, not OCI.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which form of market involves the buying and selling of short-term liquid debt instruments?
A. Derivatives Market
B. Capital Market
C. Money Market
D. Forex Market
Discuss
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Correct Answer: Option C

Explanation:
The money market deals with short-term borrowing and lending (less than one year), such as Commercial Paper and T-Bills.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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