The 'Goods and Services Tax Network' (GSTN) is: MCQ with Answer and Explanation

Question

Share Report Error

The 'Goods and Services Tax Network' (GSTN) is:

A. A bank

B. A not-for-profit non-government company providing IT infrastructure for GST

C. A government department

D. A tax tribunal

Answer: Option B

Solution (By JKSSB Mock Tests)

GSTN is a special purpose vehicle that provides the IT backbone for GST registration, return filing, etc.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Under Schedule III of the Companies Act 2013, 'Trade Receivables' are classified under:

A. Non-Current Assets

B. Inventories

C. Cash and Cash Equivalents

D. Current Assets

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Trade receivables (Debtors and Bills Receivable) expected to be realized within 12 months are classified as Current Assets.

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

Question #2

Economic Order Quantity (EOQ) is calculated to minimize:

A. Factory rent

B. Material price variance

C. Total of ordering cost and inventory carrying cost

D. Selling costs

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
EOQ determines the optimal order size that perfectly balances and minimizes the costs of placing orders and holding inventory.

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

Question #3

S1: In the case of admission of a partner, if the new partner brings his share of goodwill in cash, the existing partners' capital accounts are credited in their sacrificing ratio. S2: If the new partner is unable to bring his share of goodwill in cash, the goodwill account is opened in the books of the firm. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S2 only

C. Both S1 and S2

D. S1 only

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
S1 is correct. S2 is incorrect because AS 26 prohibits the recognition of self-generated goodwill in the books; hence, the goodwill account cannot be opened. Instead, the adjustment is passed through the partners' capital accounts.

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

Explore All Accountancy and Book Keeping MCQs