The fundamental accounting equation is a mathematical expression of which concept? MCQ with Answer and Explanation

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The fundamental accounting equation is a mathematical expression of which concept?

A. Dual Aspect Concept

B. Going Concern Concept

C. Money Measurement Concept

D. Cost Concept

Answer: Option A

Solution (By JKSSB Mock Tests)

The Dual Aspect Concept states that every transaction has a two-fold effect, expressed as Assets = Liabilities + Capital.

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Question #1

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The 'Time of Supply' for services under forward charge, if invoice issued within prescribed period, is:

A. Due date of payment

B. Date of completion of service

C. Date of payment

D. Date of invoice or date of provision of service, whichever is earlier

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Correct Answer: Option D

Explanation:
Time of supply is earliest of date of invoice or date of payment (if invoice not issued within period, date of provision).

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

Question #2

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The 'External Commercial Borrowings' (ECB) policy is governed by:

A. Ministry of Finance

B. DGFT

C. RBI

D. SEBI

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Correct Answer: Option C

Explanation:
ECB policy and regulations are formulated by RBI in consultation with Government.

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Question #3

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The 'Dual GST' model in India comprises:

A. Only IGST

B. CGST and SGST/UTGST

C. Only CGST

D. CGST and IGST

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Correct Answer: Option B

Explanation:
Dual GST includes Central GST and State GST simultaneously on intra-state supplies.

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