The 'Input Service Distributor' (ISD) is a concept under GST to: MCQ with Answer and Explanation

Question
The 'Input Service Distributor' (ISD) is a concept under GST to:
A. Distribute input tax credit of services to branches
B. Distribute goods
C. Pay tax on behalf of others
D. File returns
Answer: Option A
Solution (By JKSSB Mock Tests)
ISD distributes credit of input services to its units.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Under 'Ind AS 21', foreign currency monetary items are translated at:
A. Opening rate
B. Average rate
C. Closing rate
D. Historical rate
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Correct Answer: Option C

Explanation:
Monetary items are translated at the closing rate at the reporting date.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A system where accounting data is stored on remote servers accessed via the internet is termed as:
A. Forensic Accounting
B. Cloud Accounting
C. Social Accounting
D. Manual Accounting
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Correct Answer: Option B

Explanation:
Cloud accounting allows real-time multi-user access to financial data hosted securely on external servers rather than local hard drives.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Machine Hour Rate' method of depreciation is suitable when:
A. Asset usage varies with time
B. Asset is small
C. Asset is idle
D. Wear and tear is mainly due to usage
Discuss
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Correct Answer: Option D

Explanation:
Machine hour rate ties depreciation to actual hours used, reflecting wear and tear.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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