The 'RCM' (Reverse Charge Mechanism) under GST applies to: MCQ with Answer and Explanation

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The 'RCM' (Reverse Charge Mechanism) under GST applies to:

A. Specified categories of supplies and registered persons

B. All supplies

C. Only goods

D. Only services

Answer: Option A

Solution (By JKSSB Mock Tests)

RCM is applicable to notified categories of goods/services and where supplier is unregistered to registered recipient.

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

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Question #1

The 'Kaizen Costing' focuses on:

A. Continuous improvement and cost reduction during the production phase

B. Discontinuing products

C. Capital budgeting

D. New product design

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Correct Answer: Option A

Explanation:
Kaizen is a Japanese concept of continuous small improvements.

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

Question #2

The 'Derecognition of Financial Assets' under Ind AS 109 is based on:

A. Title

B. Transfer of risks and rewards of ownership

C. Possession

D. Legal ownership

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Correct Answer: Option B

Explanation:
Derecognition occurs when risks and rewards are substantially transferred.

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

Question #3

The term 'Debtors' represent:

A. Amounts owed to the business by customers

B. Outstanding expenses

C. Bills payable

D. Amounts owed by the business

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Correct Answer: Option A

Explanation:
Debtors are persons/entities who owe money to the business for goods/services provided on credit.

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

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