The 'TCS' under GST is collected by: MCQ with Answer and Explanation

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The 'TCS' under GST is collected by:

A. Importers

B. Exporters

C. E-commerce operators

D. All registered persons

Answer: Option C

Solution (By JKSSB Mock Tests)

E-commerce operators collect TCS at 1% under Section 52.

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

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Net Profit Ratio is calculated on:

A. Capital

B. Total assets

C. Gross sales

D. Net sales

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Correct Answer: Option D

Explanation:
Net profit ratio = (Net profit / Net sales) * 100.

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Question #2

Forensic Accounting primarily deals with:

A. Calculating depreciation

B. Investigating financial fraud and providing evidence for legal proceedings

C. Preparing routine financial statements

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Correct Answer: Option B

Explanation:
Forensic accountants utilize accounting, auditing, and investigative skills to analyze financial records in conjunction with dispute resolution and litigation.

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Question #3

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

A. Customs

B. GST administration

C. Foreign trade

D. Direct tax policy and administration

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Correct Answer: Option D

Explanation:
CBDT oversees income tax and other direct taxes.

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

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