The 'HSN Code' under GST is used for: MCQ with Answer and Explanation

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The 'HSN Code' under GST is used for:

A. Identifying the buyer

B. Both A and C

C. Tax rate determination

D. Identifying the type of goods

Answer: Option B

Solution (By JKSSB Mock Tests)

HSN (Harmonized System of Nomenclature) code classifies goods for tax rates.

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 a limitation of a financial audit?

A. It relies on test checking and sampling

B. It is completely objective with no use of judgment

C. It provides absolute assurance

D. It detects all minor errors

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Correct Answer: Option A

Explanation:
Audits provide reasonable (not absolute) assurance because they heavily rely on sampling and test checking, making it impossible to check every transaction.

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

Question #2

The 'Impersonal Accounts' are further classified into:

A. Representative and Personal

B. Natural and Artificial

C. Current and Non-current

D. Real and Nominal

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Correct Answer: Option D

Explanation:
Impersonal accounts include real (assets) and nominal (expenses/losses, incomes/gains).

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

Question #3

Tax evasion is:

A. Legal use of tax laws to reduce liability

B. Illegal non-payment or underpayment of taxes

C. Government policy to waive taxes

D. Postponement of tax payment legally

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Correct Answer: Option B

Explanation:
Tax evasion involves illegal practices like hiding income or inflating expenses to avoid paying true tax liability.

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

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