Under GST, which constitutional amendment act was passed to implement it? MCQ with Answer and Explanation

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Under GST, which constitutional amendment act was passed to implement it?

A. 102nd Amendment Act

B. 103rd Amendment Act

C. 100th Amendment Act

D. 101st Amendment Act

Answer: Option D

Solution (By JKSSB Mock Tests)

The Constitution (101st Amendment) Act, 2016 paved the way for the introduction of GST in India.

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

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Question #1

A debenture is a:

A. Short-term asset

B. Document of ownership

C. Instrument acknowledging a debt

D. Form of preference share

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Correct Answer: Option C

Explanation:
A debenture is a written instrument issued under the common seal of the company acknowledging a long-term debt to the holders.

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Question #2

Adjusted Purchases is calculated as:

A. Opening Stock + Net Purchases - Closing Stock

B. Opening Stock + Net Purchases + Direct Expenses

C. Net Purchases - Closing Stock

D. Opening Stock + Net Purchases

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Correct Answer: Option A

Explanation:
Adjusted purchases represent the cost of materials actually consumed during the year, removing the stock left unsold.

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Question #3

Which formula correctly represents 'Cost of Production'?

A. Prime Cost + Factory Overheads

B. Factory Cost + Administrative Overheads

C. Cost of Production + Selling Overheads

D. Prime Cost + Selling Overheads

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Correct Answer: Option B

Explanation:
In a cost sheet, Factory Cost added to Office and Administrative Overheads yields the Cost of Production.

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