The 'Exempt Supply' under GST means: MCQ with Answer and Explanation

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The 'Exempt Supply' under GST means:

A. Supply with 0% tax and ITC available

B. Supply with concessional rate

C. Supply not subject to GST

D. Supply on which no GST is payable but ITC not available

Answer: Option D

Solution (By JKSSB Mock Tests)

Exempt supplies are not taxed and no credit of input tax is allowed.

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

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Question #1

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Integrated Reporting (IR) differs from traditional financial reporting because it:

A. Combines financial and non-financial data to show how value is created over time

B. Is used strictly for internal management

C. Eliminates the balance sheet

D. Only reports cash flows

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Correct Answer: Option A

Explanation:
IR provides a holistic view of the organization by interconnecting financial performance with sustainability, capitals (human, natural), and strategy.

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Question #2

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The 'Component Auditor' in a group audit is:

A. Tax auditor

B. The auditor who audits the parent

C. Internal auditor

D. An auditor who performs audit work on a component for the group auditor

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Correct Answer: Option D

Explanation:
Group auditor may use the work of component auditors.

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Question #3

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In a BRS, when a cheque is issued but not presented, the cash book balance is:

A. Higher than the pass book balance

B. Unaffected

C. Equal to the pass book balance

D. Lower than the pass book balance

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Correct Answer: Option D

Explanation:
Issuing a cheque immediately reduces the cash book balance, but the bank balance (pass book) remains high until the cheque is cleared.

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

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