GST in India is a: MCQ with Answer and Explanation

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GST in India is a:

A. Destination-based consumption tax

B. Wealth tax

C. Origin-based tax

D. Direct 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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Question #1

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The 'Value in Use' calculation uses:

A. Present value of estimated future cash flows expected from the asset/CGU

B. Replacement cost

C. Market price

D. Only current cash flows

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Correct Answer: Option A

Explanation:
Value in use is the discounted present value of future cash flows.

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Question #2

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For real accounts, the rule is:

A. Debit the receiver, Credit the giver

B. Debit what comes in, Credit what goes out

C. None of these

D. Debit expenses and losses, Credit incomes and gains

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Correct Answer: Option B

Explanation:
Real accounts (assets) follow: Debit what comes in, credit what goes out.

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Question #3

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Opportunity Cost can be best described as:

A. The cost of idle time

B. The benefit sacrificed when choosing one alternative over the next best alternative

C. The direct cost of making a product

D. A cost that cannot be changed

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Correct Answer: Option B

Explanation:
Opportunity cost is a crucial economic and management concept reflecting the value of the foregone alternative in decision making.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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