Under GST, IGST revenue is: MCQ with Answer and Explanation

Question
Under GST, IGST revenue is:
A. Kept entirely by the State Government
B. Deposited into the RBI reserves
C. Kept entirely by the Central Government
D. Apportioned between the Central and the Destination State Government
Answer: Option D
Solution (By JKSSB Mock Tests)
Being a destination-based tax, IGST is collected by the Centre and shared with the destination state where the goods are consumed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The Profit and Loss Appropriation Account is prepared:
A. Before preparing Trading Account
B. After preparing Profit & Loss Account
C. Only in case of losses
D. Instead of Profit & Loss Account
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Correct Answer: Option B

Explanation:
P&L Appropriation Account is prepared after the Profit & Loss Account to distribute the net profit among partners.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Fund-based Accounting' is used by:
A. Non-profit organizations and government entities
B. Sole traders
C. Partnership firms
D. Companies
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Correct Answer: Option A

Explanation:
Fund-based accounting tracks resources for specific purposes, common in NPOs and government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Blockchain' technology in supply chain finance can provide:
A. Real-time visibility and immutable transaction records
B. Delayed settlement
C. Manual errors
D. Paper-heavy process
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Correct Answer: Option A

Explanation:
Blockchain enables transparent, secure, and instant tracking of transactions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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