The 'Goods and Services Tax Appellate Tribunal' (GSTAT) deals with: MCQ with Answer and Explanation

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The 'Goods and Services Tax Appellate Tribunal' (GSTAT) deals with:

A. Income tax appeals

B. GST disputes

C. Customs matters

D. Company matters

Answer: Option B

Solution (By JKSSB Mock Tests)

GSTAT is the appellate authority for GST disputes.

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

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Question #1

Under the Indian Financial System, 'Commercial Paper' is issued by:

A. Central Government

B. Reserve Bank of India

C. Commercial Banks only

D. Highly rated corporate borrowers

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Correct Answer: Option D

Explanation:
Commercial Paper is an unsecured short-term debt instrument issued by large corporations with high credit ratings to meet short-term funding needs.

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

Question #2

Who typically authorizes an accounting voucher before it is recorded?

A. The Auditor

B. An Authorized Signatory or Manager

C. The Junior Accountant

D. The Cashier

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Correct Answer: Option B

Explanation:
For internal control, vouchers must be signed and authorized by a designated manager or official before posting.

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

Question #3

The term 'Noting Charges' is associated with:

A. Bills of exchange

B. Depreciation

C. Bank reconciliation

D. Voucher system

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Correct Answer: Option A

Explanation:
Noting charges are paid to notary public for recording dishonour of a bill.

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

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