Question19:-When is the G.S.T. (Goods and Services Tax) came into effect in India?
A:-2017 August 1
B:-2017 July 1
C:-2017 June 1
D:-2017 April 1
Correct Answer:- Option-B
Question20:-As a retaliation to the Pulwama attack, Indian Airforce conducted airstrike on 26th February 2019 at
A:-Balakot
B:-Chakothi
C:-Keran
D:-Lahore
Correct Answer:- Option-A

Question21:-If a company adopts straight line method of depreciation in the first year, it should continue using it in
subsequent years is the view of

A:-Accrual concept
B:-Conservatism concept
C:-Consistency concept
D:-Matching concept
Correct Answer:- Option-C
Question22:-Which of the following is Indian accounting standard for inventories?
A:-Ind AS 2
B:-Ind AS 14
:-Ind AS 38
D:-Ind AS 8
Correct Answer:- Option-A
Question23:-Provision is a
A:-Charge against profit
B:-Appropriation of profit
C:-Reserve from profit
D:-Intangible asset
Correct Answer:- Option-A
Question24:- accounting focuses on anticipated revenue and expenses.
A:-Accrual basis
-Cash basis
C:-Both of these
D:-None of these
Correct Answer:- Option-A
Question25:-Body responsible for setting International Financial Reporting Standards
A:ICAL
B:-IASB
C:-BIFRS
D:-AIFR
Correct Answer:- Option-B
Question26:-Cash book with cash, bank and discount column is called
A:-Simple cash book
B:-Double column cash book
C:-Petty cash book
D:-None of these
Correct Answer:- Option-D
Question27:-Imprest system is related to
A:-Journal
-Trial Balance
C:-Petty cash book
D:-Comparative balance sheet
Correct Answer:- Option-C
Question28:-In bank reconciliation statement, cheque issued by the company but not presented for payment is to be
A:-Added to bank statement balance
-Deducted from bank statement balance
C:-Recorded as re-collected