The 'Modification of a Lease' is accounted for as: MCQ with Answer and Explanation

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The 'Modification of a Lease' is accounted for as:

A. Termination of original lease

B. No accounting

C. A separate lease if it adds the right to use one or more underlying assets at a price commensurate with standalone price; otherwise remeasure

D. Original lease continues

Answer: Option C

Solution (By JKSSB Mock Tests)

Ind AS 116 provides specific guidance for modifications.

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

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Question #1

The 'GST on Crypto transactions' (transfer of VDA) is:

A. 18% on services, and classification of VDA as goods/services being debated; treated as goods, 18% GST on margin? Presently GST is levied at 18% on the value of supply.

B. 28%

C. Exempt

D. 5%

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Correct Answer: Option A

Explanation:
GST on cryptocurrency transactions is generally 18% on the service/value.

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

Question #2

The 'Central Board of Direct Taxes' (CBDT) is responsible for:

A. Direct tax policy and administration

B. Customs

C. Foreign trade

D. GST administration

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Correct Answer: Option A

Explanation:
CBDT oversees income tax and other direct taxes.

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

Question #3

The 'GST Compensation to States' is for a period of:

A. 3 years

B. Indefinite

C. 10 years

D. 5 years

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Correct Answer: Option D

Explanation:
Compensation to states for revenue loss was guaranteed for 5 years from GST implementation (2017-2022).

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

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