The 'Deemed Exports' under GST are: MCQ with Answer and Explanation

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The 'Deemed Exports' under GST are:

A. Supplies to SEZ

B. All interstate supplies

C. Supplies that do not leave India but are treated as exports for certain benefits

D. High sea sales

Answer: Option C

Solution (By JKSSB Mock Tests)

Deemed exports are specified transactions where goods supplied do not leave India, but the supplier is entitled to refund of GST.

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

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Question #1

If closing stock is given inside the Trial Balance, it will be shown only in the:

A. Trading Account

B. Balance Sheet

C. Both Trading Account and Balance Sheet

D. P&L Account

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Correct Answer: Option B

Explanation:
If it appears inside the trial balance, the double entry is already complete (adjusted against purchases). It appears only as an asset in the Balance Sheet.

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Question #2

Social Accounting in India is mostly used by:

A. Households

B. Public sector enterprises

C. Manufacturing companies

D. Small traders

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Correct Answer: Option B

Explanation:
Public sector enterprises and large corporations often prepare social accounting statements to show their contribution to social objectives.

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Question #3

An auditor checking the arithmetical accuracy of the books performs what kind of check?

A. Routine checking

B. Compliance testing

C. Substantive testing

D. Analytical review

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Correct Answer: Option A

Explanation:
Routine checking involves casting (totalling), carry-forwards, and ledger posting verifications to ensure basic mathematical accuracy.

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

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