The 'GST Compensation Cess' was originally guaranteed for how many years? MCQ with Answer and Explanation

Question
The 'GST Compensation Cess' was originally guaranteed for how many years?
A. 3 years
B. 10 years
C. Indefinite
D. 5 years
Answer: Option D
Solution (By JKSSB Mock Tests)
Compensation to states for revenue loss was guaranteed for five years from July 1, 2017.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The Margin of Safety is the difference between:
A. Actual Sales and Break-Even Sales
B. Total Revenue and Total Cost
C. Total Cost and Variable Cost
D. Selling Price and Variable Cost
Discuss
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Correct Answer: Option A

Explanation:
Margin of safety indicates how much sales can drop before the business starts incurring a loss. Formula: Actual Sales - Break-Even Sales.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A 'Journal Voucher' is prepared for:
A. Cash purchases
B. Credit sales
C. Payment of wages
D. Cash received from debtors
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Correct Answer: Option B

Explanation:
Credit sales do not involve immediate cash; hence recorded by a journal voucher (non-cash transfer voucher).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Net Profit Ratio is calculated on:
A. Total assets
B. Net sales
C. Capital
D. Gross sales
Discuss
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Correct Answer: Option B

Explanation:
Net profit ratio = (Net profit / Net sales) * 100.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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