The 'Input Service Distributor' (ISD) under GST distributes: MCQ with Answer and Explanation

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The 'Input Service Distributor' (ISD) under GST distributes:

A. Goods

B. Input tax credit on services received by the head office to branches

C. Cash

D. Stock

Answer: Option B

Solution (By JKSSB Mock Tests)

ISD is an office that receives invoices for services and distributes credit to various units.

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

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Question #1

In cost accounting, 'Variable Cost' per unit:

A. Increases with production

B. Fluctuates randomly

C. Remains constant

D. Decreases with production

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Correct Answer: Option C

Explanation:
Variable cost per unit remains constant; total variable cost changes with output.

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

Question #2

In the financial statements of a sole trader, drawings are deducted from:

A. Net profit

B. Capital

C. Sales

D. Gross profit

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Correct Answer: Option B

Explanation:
Drawings are not an expense; they reduce the owner's capital directly in the balance sheet.

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

Question #3

In the context of the Indian Financial System, the 'Forward Markets Commission' (FMC) was the regulator for which market before its merger with SEBI?

A. Money Market

B. Foreign Exchange Market

C. Government Securities Market

D. Commodity Derivatives Market

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Correct Answer: Option D

Explanation:
The Forward Markets Commission (FMC) was the regulatory authority for the commodity derivatives market in India before it was merged with SEBI in 2015.

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

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