GST is a comprehensive indirect tax levied on: MCQ with Answer and Explanation

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GST is a comprehensive indirect tax levied on:

A. Manufacture of goods only

B. Import of capital goods only

C. Sale of services only

D. Supply of goods and services

Answer: Option D

Solution (By JKSSB Mock Tests)

GST is a destination-based tax on supply of goods and services, replacing multiple indirect taxes.

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

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Question #1

A 'Credit Voucher' is used to record:

A. Cash receipts

B. Credit purchases

C. Cash sales

D. Journal entries

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Correct Answer: Option A

Explanation:
Credit voucher is prepared for all cash/bank receipts.

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

Question #2

The 'Advance Authorisation' scheme under Foreign Trade Policy is related to:

A. Service exports

B. Duty-free import of inputs required for export production

C. Import of goods without export obligation

D. Capital goods import

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Correct Answer: Option B

Explanation:
Advance Authorisation allows duty-free import of inputs, which are physically incorporated in the export product.

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

Question #3

Goodwill brought in cash by a new partner is distributed among old partners in their:

A. New profit sharing ratio

B. Sacrificing ratio

C. Capital ratio

D. Old profit sharing ratio

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Correct Answer: Option B

Explanation:
Premium for goodwill compensates the old partners for the share of profit they sacrifice in favor of the new partner.

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

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