The 'GST Audit' is required for taxpayers with turnover exceeding: MCQ with Answer and Explanation

The 'GST Audit' is required for taxpayers with turnover exceeding:
A. ₹2 crore
B. ₹5 crore
C. ₹1 crore
D. ₹10 crore
Answer: Option A
Solution (By JKSSB Mock Tests)
GST audit by a chartered accountant/cost accountant is required if aggregate turnover exceeds ₹2 crore.

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Practice More Accountancy and Book Keeping Questions

Question #1
Under GST, the 'Taxable Event' is:
A. Production
B. Manufacture
C. Sale
D. Supply of goods or services

Correct Answer: Option D


Explanation:
GST is levied on 'supply' rather than manufacture or sale alone.

Question #2
The time value of money concept is a core element in which financial management decision?
A. Inventory Valuation
B. Working Capital Management
C. Capital Budgeting
D. Ratio Analysis

Correct Answer: Option C


Explanation:
Capital budgeting techniques like Net Present Value (NPV) discount future cash flows, fundamentally relying on the time value of money.

Question #3
S1: Audit reporting is the final stage of the audit process. S2: The auditor's report is addressed to the shareholders of the company. Which statement(s) is/are correct?
A. Both S1 and S2
B. S2 only
C. S1 only
D. Neither S1 nor S2

Correct Answer: Option A


Explanation:
Audit reporting is indeed the final stage where the auditor expresses their opinion. Under the Companies Act, the auditor's report is addressed to the members (shareholders) of the company. Both statements are correct.