GST was introduced in India on: MCQ with Answer and Explanation

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GST was introduced in India on:

A. 1st April 2016

B. 1st January 2017

C. 1st July 2017

D. 1st April 2017

Answer: Option C

Solution (By JKSSB Mock Tests)

Goods and Services Tax (GST) was rolled out on 1st July 2017.

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

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Question #1

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An item of 'Outstanding Income' is shown in Balance Sheet as:

A. Asset

B. Liability

C. Expense

D. Income

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Correct Answer: Option A

Explanation:
Outstanding income is receivable, hence a current asset.

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Question #2

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The debt-equity ratio is calculated as:

A. Total Assets / Shareholders' Equity

B. Total Debts / Shareholders' Equity

C. Long-term Debts / Shareholders' Equity

D. Current Liabilities / Shareholders' Equity

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Correct Answer: Option C

Explanation:
The debt-equity ratio typically measures long-term solvency and is calculated as Long-term Debts divided by Shareholders' Equity.

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Question #3

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A firm's current ratio is 1.5:1. It wants to maintain a current ratio of 2:1 by paying off some current liabilities. Which of the following will happen?

A. Current assets will decrease

B. Working capital will increase

C. Working capital will remain unchanged

D. Working capital will decrease

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Correct Answer: Option C

Explanation:
Paying current liabilities reduces both current assets (cash) and current liabilities equally, leaving working capital (CA - CL) unchanged, though ratio improves.

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