The 'Goods and Services Tax' on exports is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on exports is:

A. Taxable

B. Nil-rated

C. Zero-rated

D. Exempt

Answer: Option C

Solution (By JKSSB Mock Tests)

Exports are zero-rated, meaning 0% GST with refund of input tax credits.

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

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Question #1

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When a firm borrows money from a bank, what is the impact on the accounting equation?

A. Assets increase, Equity increases

B. Assets increase, Liabilities increase

C. No change in total assets

D. Liabilities increase, Equity decreases

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Correct Answer: Option B

Explanation:
Cash/Bank (Asset) increases, and Bank Loan (Liability) increases simultaneously.

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

Question #2

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S1: The Profit and Loss Account shows the financial position of the business. S2: The Balance Sheet shows the financial position of the business. Which statement(s) is/are correct?

A. S2 only

B. Neither S1 nor S2

C. Both S1 and S2

D. S1 only

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Correct Answer: Option A

Explanation:
The Profit and Loss Account shows the financial performance (profit or loss) over a period. The Balance Sheet shows the financial position (assets and liabilities) at a specific point in time.

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Question #3

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In the context of the Indian Financial System, the 'Forward Markets Commission' (FMC) was the regulator for which market before its merger with SEBI?

A. Money Market

B. Government Securities Market

C. Commodity Derivatives Market

D. Foreign Exchange Market

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Correct Answer: Option C

Explanation:
The Forward Markets Commission (FMC) was the regulatory authority for the commodity derivatives market in India before it was merged with SEBI in 2015.

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