The 'GST Council' is a constitutional body under: MCQ with Answer and Explanation

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The 'GST Council' is a constitutional body under:

A. Article 324

B. Article 370

C. Article 279A

D. Article 280

Answer: Option C

Solution (By JKSSB Mock Tests)

GST Council was created by Constitution (101st Amendment) Act, 2016, under Article 279A.

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

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Question #1

The 'Journal Proper' is used to record:

A. All credit sales

B. Transactions that cannot be entered in any subsidiary book

C. All cash transactions

D. All credit purchases

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Correct Answer: Option B

Explanation:
Journal proper is for opening entries, closing entries, transfer entries, rectification entries, etc.

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Question #2

The 'Cash Basis' of accounting recognizes:

A. Only non-cash items

B. Only credit transactions

C. Revenue when cash is received and expenses when paid

D. Revenue when earned and expenses when incurred

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Correct Answer: Option C

Explanation:
Cash basis records only cash inflows and outflows.

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Question #3

Under 'Ind AS 21', foreign currency monetary items are translated at:

A. Opening rate

B. Average rate

C. Historical rate

D. Closing rate

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Correct Answer: Option D

Explanation:
Monetary items are translated at the closing rate at the reporting date.

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

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