Which branch of accounting focuses on historical data to present the financial position to external users?
A. Cost Accounting
B. Management Accounting
C. Financial Accounting
D. Responsibility Accounting
Answer: Option C
Solution (By JKSSB Mock Tests)
Financial accounting records past events to prepare statements like P&L and Balance Sheet for external stakeholders (investors, creditors, government).
Explanation:
GST is a comprehensive indirect tax levied on the *supply* of goods and services. It replaced the tax on manufacture (Excise Duty) and tax on sale (VAT). S1 is correct, S2 is incorrect.
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