The 'GST Audit' by tax authorities (Section 65) has been replaced by: MCQ with Answer and Explanation

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The 'GST Audit' by tax authorities (Section 65) has been replaced by:

A. Only CAG audit

B. Reconciliation of returns and information

C. No audit

D. Internal audit

Answer: Option B

Solution (By JKSSB Mock Tests)

Finance Act 2021 removed the mandatory GST audit by CA/CWA and replaced with self-certification and department's scrutiny.

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

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Question #1

The minimum subscription in a public issue should be at least:

A. 50% of issued capital

B. 90% of issued capital

C. 75% of issued capital

D. 100%

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Correct Answer: Option B

Explanation:
As per SEBI, minimum subscription is 90% of the issue size for public offers.

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

Question #2

What is an 'amended cash book' in the context of BRS?

A. A cash book prepared by the bank

B. A cash book used only for petty expenses

C. A cash book updated for bank errors

D. A cash book updated with missing transactions and rectifications before preparing BRS

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Correct Answer: Option D

Explanation:
An amended cash book adjusts for items like direct deposits, bank charges, and clerical errors in the cash book before reconciling timing differences.

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

Question #3

In partnership, the guarantee of profit to a partner is given by:

A. The government

B. The other partners

C. The auditor

D. The firm

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Correct Answer: Option B

Explanation:
A guarantee of minimum profit to a partner is given by the other partners or the firm as a whole, and any deficiency is borne by the guarantor(s).

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

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