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 280

C. Article 279A

D. Article 370

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

A credit sale of ₹10,000 to Ram was posted as ₹1,000. This is an error of:

A. Compensation

B. Omission

C. Principle

D. Commission

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Correct Answer: Option D

Explanation:
Error of commission occurs when a transaction is incorrectly recorded, e.g., wrong amount, wrong posting.

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Question #2

Budgetary control involves:

A. Forecasting sales only

B. Calculating tax liability

C. Comparison of actual performance with budgets and taking corrective actions

D. Only preparation of budgets

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Correct Answer: Option C

Explanation:
Budgetary control is the process of establishing budgets, comparing actuals, and acting on variances to achieve objectives.

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Question #3

The 'Guillotine' in budget process refers to:

A. Putting all outstanding demands to vote without further discussion

B. Alloting extra time for discussion

C. Rejection of budget

D. Adjournment of house

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Correct Answer: Option A

Explanation:
Guillotine is a parliamentary procedure to close discussion on demands for grants and put them to vote.

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