GST in India is a: MCQ with Answer and Explanation

Question
GST in India is a:
A. Destination-based consumption tax
B. Wealth tax
C. Direct tax
D. Origin-based tax
Answer: Option A
Solution (By JKSSB Mock Tests)
GST is levied where goods and services are consumed rather than where they are produced.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Monetary Unit Sampling' (MUS) is a:
A. Haphazard selection
B. Statistical sampling method that uses value-weighted selection
C. Random number sampling
D. Non-statistical method
Discuss
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Correct Answer: Option B

Explanation:
MUS selects sample items based on monetary units, focusing on larger values.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following transactions will not affect the total of the Balance Sheet?
A. Sale of goods on credit at a profit
B. Purchase of machinery on credit
C. Payment to a creditor
D. Cash deposited into bank
Discuss
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Correct Answer: Option D

Explanation:
Cash to bank is just a change in composition of assets; total assets unchanged. Other transactions change total assets/liabilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Minimum Alternate Tax' (MAT) is applicable to:
A. Partnership firms
B. All taxpayers
C. Companies paying low or no tax due to exemptions
D. Individuals
Discuss
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Correct Answer: Option C

Explanation:
MAT ensures that companies with substantial book profits pay at least a minimum amount of tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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