Input Tax Credit under GST can be claimed on: MCQ with Answer and Explanation

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Input Tax Credit under GST can be claimed on:

A. Food and beverages for employees

B. Motor vehicles for personal use

C. Goods used for business furtherance

D. Membership of club

Answer: Option C

Solution (By JKSSB Mock Tests)

ITC is available only for inputs used in the course of business, subject to conditions in CGST Act.

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 'Emphasis of Matter' vs 'Other Matter' paragraph: Emphasis of Matter refers to:

A. Matters that require a modified opinion

B. Matters not presented or disclosed in the financial statements

C. Matters appropriately presented or disclosed in the financial statements that are fundamental to users' understanding

D. Scope limitation

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Correct Answer: Option C

Explanation:
Emphasis of Matter highlights a note/disclosure already in financial statements.

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Question #2

Which of the following is NOT an advantage of Zero Based Budgeting?

A. It is less time-consuming than traditional budgeting

B. Fosters efficient resource allocation

C. Eliminates redundant expenses

D. Prevents arbitrary budget inflation

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Correct Answer: Option A

Explanation:
ZBB is actually heavily time-consuming because it requires managers to justify every single expenditure from scratch annually.

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

Question #3

The 'Roll-forward Procedures' in audit are performed to:

A. Postpone audit

B. Update audit findings from an interim date to the period end

C. Start audit early

D. Replace interim testing

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Correct Answer: Option B

Explanation:
Roll-forward extends the conclusions from interim date to year-end.

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

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