The 'GST Compensation to States' is for a period of: MCQ with Answer and Explanation

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The 'GST Compensation to States' is for a period of:

A. Indefinite

B. 3 years

C. 5 years

D. 10 years

Answer: Option C

Solution (By JKSSB Mock Tests)

Compensation to states for revenue loss was guaranteed for 5 years from GST implementation (2017-2022).

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

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Question #1

Bank Overdraft appears in the balance sheet under:

A. Non-Current Liabilities

B. Current Assets

C. Contingent Liabilities

D. Current Liabilities

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Correct Answer: Option D

Explanation:
Bank overdraft is a short-term borrowing repayable on demand, hence classified as a Current Liability.

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

Question #2

In cost accounting, fixed cost per unit:

A. Fluctuates arbitrarily

B. Remains constant

C. Decreases with increase in production

D. Increases with increase in production

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Correct Answer: Option C

Explanation:
Total fixed cost remains constant within a relevant range, so per unit fixed cost decreases as production volume increases.

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

Question #3

The 'Prepaid Insurance' is adjusted by:

A. Ignore

B. Debit Prepaid Insurance A/c, Credit Insurance A/c

C. Debit Insurance A/c, Credit Prepaid Insurance A/c

D. Debit Cash A/c, Credit Insurance A/c

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Correct Answer: Option B

Explanation:
Prepaid insurance is an asset, so Prepaid Insurance A/c Dr. To Insurance A/c.

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

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