The 'Composition Scheme' under GST is not available to: MCQ with Answer and Explanation

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The 'Composition Scheme' under GST is not available to:

A. Traders

B. Service providers (except restaurant) with aggregate turnover above ₹50 lakh

C. Restaurants not serving alcohol

D. Manufacturers

Answer: Option B

Solution (By JKSSB Mock Tests)

Composition scheme for services is restricted to certain categories with turnover up to ₹50 lakh.

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

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Question #1

In partnership, the 'Goodwill' of the firm represents:

A. The physical assets of the firm

B. The liabilities of the firm

C. The cash balance of the firm

D. The reputation and brand value of the firm

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Correct Answer: Option D

Explanation:
Goodwill is an intangible asset that represents the value of the firm's reputation, customer attraction, and brand name.

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Question #2

GST in India is a:

A. Origin-based tax

B. Direct tax

C. Wealth tax

D. Destination-based consumption tax

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Correct Answer: Option D

Explanation:
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

Question #3

In a cash flow statement, interest paid on debentures is classified under:

A. Investing Activities

B. Extraordinary Activities

C. Financing Activities

D. Operating Activities

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Correct Answer: Option C

Explanation:
Interest paid on debentures represents a return on capital provided by debentureholders, hence it is classified under Financing Activities.

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

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