The 'GST on Virtual Digital Assets' is: MCQ with Answer and Explanation

Question
The 'GST on Virtual Digital Assets' is:
A. Exempt
B. 18%
C. 28%
D. 5%
Answer: Option B
Solution (By JKSSB Mock Tests)
GST on services related to VDA is generally 18%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is not an objective of budgetary control?
A. Control
B. Planning
C. Profit maximization in the short run
D. Co-ordination
Discuss
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Correct Answer: Option C

Explanation:
Budgetary control aims at planning, coordination, control, and efficiency, not just short-term profit maximization.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Statement of Changes in Equity' as per Ind AS 1 includes:
A. Total comprehensive income, transactions with owners, and reconciliation of equity components
B. Only share capital
C. Only dividends
D. Only reserves
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Correct Answer: Option A

Explanation:
It shows all changes in equity, including profit/loss, OCI, capital transactions, dividends.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Prior Period Items' are shown in:
A. Reserves
B. Current period's profit and loss
C. Balance sheet
D. Separately in the current period's financial statements
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Correct Answer: Option D

Explanation:
Prior period items are disclosed separately in the statement of profit and loss.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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