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. 101st Amendment Act

C. 103rd Amendment Act

D. 100th Amendment Act

Answer: Option B

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

The 'Section 40A(3)' disallows expenditure in excess of:

A. No limit

B. ₹2,000

C. ₹1,00,000

D. ₹10,000 paid in cash per day to a person

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Correct Answer: Option D

Explanation:
Payment exceeding ₹10,000 in cash for expenses is disallowed, with certain exceptions.

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Question #2

In financial management, 'Float' refers to:

A. Sinking fund investments

B. The amount of petty cash

C. The time difference between writing a cheque and its actual clearance from the bank

D. Issuing new shares

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Correct Answer: Option C

Explanation:
Float is the delay in the clearing system, creating a temporary discrepancy between the firm's cash balance and the bank's ledger balance.

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Question #3

Which system of accounting recognizes income when it is earned irrespective of receipt?

A. Hybrid system

B. Single entry system

C. Accrual system

D. Cash system

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Correct Answer: Option C

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

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