The 'TCS' collected by e-commerce operator is to be deposited by: MCQ with Answer and Explanation

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The 'TCS' collected by e-commerce operator is to be deposited by:

A. Monthly

B. Quarterly

C. 10th of the month following the month of collection

D. 10th of next month

Answer: Option D

Solution (By JKSSB Mock Tests)

TCS is to be remitted within 10 days after the end of the month of collection.

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

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Recent developments in accounting include the increased use of:

A. Paper-based ledgers

B. Cloud accounting and AI

C. Single entry only

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Correct Answer: Option B

Explanation:
Technological advancements like cloud accounting, artificial intelligence, and blockchain are recent trends.

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

Question #2

In the context of the Cash Book, the term 'C' written against an entry stands for:

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Correct Answer: Option B

Explanation:
The letter 'C' in the Ledger Folio column signifies a contra entry, which impacts both cash and bank columns.

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

Question #3

The 'Impairment of Assets' (Ind AS 36) applies to:

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Correct Answer: Option B

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

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