GST collected on sales is credited to: MCQ with Answer and Explanation

Question
GST collected on sales is credited to:
A. Input GST Credit Account
B. Purchase Account
C. Output GST Liability Account
D. Sales Account
Answer: Option C
Solution (By JKSSB Mock Tests)
GST collected from customers is a liability to government, recorded as Output GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
The 'Independent Director' under Companies Act is appointed for:
A. Private companies
B. Small companies
C. All companies
D. Listed companies and certain prescribed classes of public companies
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Independent directors are required for listed companies and specified public companies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Reverse Charge Mechanism' under GST means:
A. Tax is paid by the supplier
B. Tax is paid by the recipient of supply
C. Tax is deferred
D. Tax is exempt
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Under reverse charge, the liability to pay GST shifts from the supplier to the recipient.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is not a feature of a company?
A. Perpetual succession
B. Separate legal entity
C. Common seal
D. Unlimited liability
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Company has limited liability, not unlimited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Maths 5575 Geography GK 6121 Economy GK 2220 History GK 3374 Accountancy and Statistics 3179
Practice Mix
The 'Deccani' style of painting developed in:
He ___ be very upset; he's not talking to anyone.
Which cloud type appears as thin, feathery streaks?
Two numbers are in the ratio 4:8 and their sum is 512. Find the numbers.
By the time you return, I ________ the house.