The 'Goods and Services Tax Network' (GSTN) is structured as: MCQ with Answer and Explanation

Question

Share Report Error

The 'Goods and Services Tax Network' (GSTN) is structured as:

A. Government department

B. Section 8 (not-for-profit) company

C. Public sector undertaking

D. Private limited company

Answer: Option B

Solution (By JKSSB Mock Tests)

GSTN is a not-for-profit company under Section 8 of Companies Act.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'International Ethics Standards Board for Accountants' (IESBA) issues:

A. Auditing standards

B. Code of Ethics for Professional Accountants

C. Tax rules

D. Accounting standards

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
IESBA sets ethical standards including independence, integrity, objectivity.

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

Question #2

The Indian Financial Management System (IFMS) integrates:

A. Only pension payments

B. Only receipts

C. Expenditure, receipts, and debt management

D. Only state government accounts

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
IFMS is a comprehensive system covering all aspects of government financial management including budget, expenditure, receipts, and debt.

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

Question #3

Assertion (A): Under Ind AS 2, inventories are measured at the lower of cost and net realizable value (NRV). Reason (R): This ensures that assets are not overstated and losses are recognized in the period they occur, adhering to the prudence concept. Choose the correct option.

A. A is false but R is true

B. A is true but R is false

C. Both A and R are true and R is the correct explanation of A

D. Both A and R are true but R is NOT the correct explanation of A

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Ind AS 2 mandates the lower of cost and NRV rule. This is a direct application of the prudence (conservatism) concept, ensuring assets aren't overstated and potential losses are recognized immediately. R correctly explains A.

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

Explore All Accountancy and Book Keeping MCQs