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

Question
The 'RCM' (Reverse Charge Mechanism) under GST applies to:
A. Only services
B. All supplies
C. Only goods
D. Specified categories of supplies and registered persons
Answer: Option D
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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Practice More Accountancy and Book Keeping Questions

Question #1
A Bank Reconciliation Statement is prepared by:
A. Bank
B. Reserve Bank
C. Auditor of the bank
D. Customer (account holder)
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Correct Answer: Option D

Explanation:
BRS is prepared by the customer to reconcile differences between his records and bank statement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which system of accounting recognizes income when it is earned irrespective of receipt?
A. Accrual system
B. Single entry system
C. Hybrid system
D. Cash system
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Correct Answer: Option A

Explanation:
Accrual basis records revenues when earned and expenses when incurred, not when cash is received or paid.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A capital expenditure of ₹5,000 erroneously recorded as revenue expenditure will result in:
A. Understatement of profit
B. No effect on profit
C. Overstatement of assets
D. Overstatement of profit
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Correct Answer: Option A

Explanation:
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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