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

Question
The 'Goods and Services Tax Network' (GSTN) is structured as:
A. Government department
B. Public sector undertaking
C. Section 8 (not-for-profit) company
D. Private limited company
Answer: Option C
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
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Practice More Accountancy and Book Keeping Questions

Question #1
A: The Going Concern concept justifies the charging of depreciation. R: Depreciation allocates the cost of an asset over its useful life. Choose the correct option.
A. A is true but R is false
B. Both A and R are true but R is NOT the correct explanation of A
C. Both A and R are true and R is the correct explanation of A
D. A is false but R is true
Discuss
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Correct Answer: Option C

Explanation:
The Going Concern concept assumes the business will continue indefinitely, which justifies capitalizing asset costs and depreciating them over their useful lives. R correctly explains the mechanism of depreciation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which system of accounting recognizes income when it is earned irrespective of receipt?
A. Hybrid system
B. Accrual system
C. Single entry system
D. Cash system
Discuss
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Correct Answer: Option B

Explanation:
Accrual basis records revenues when earned and expenses when incurred, not when cash is received or paid.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In India, the 'Fiscal Responsibility and Budget Management (FRBM) Act' aims to:
A. Reduce fiscal deficit and improve fiscal discipline
B. Increase government borrowing
C. Eliminate all taxes
D. Increase fiscal deficit
Discuss
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Correct Answer: Option A

Explanation:
FRBM Act sets targets for fiscal deficit and debt to ensure fiscal prudence.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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