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

Question
The 'GST Audit' is required for taxpayers with turnover exceeding:
A. ₹5 crore
B. ₹10 crore
C. ₹2 crore
D. ₹1 crore
Answer: Option C
Solution (By JKSSB Mock Tests)
GST audit by a chartered accountant/cost accountant is required if aggregate turnover exceeds ₹2 crore.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In a voucher system, which voucher is used to record credit sales?
A. Journal voucher
B. Cash voucher
C. Debit voucher
D. Credit voucher
Discuss
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Correct Answer: Option A

Explanation:
Credit sales involve no immediate cash, so a journal voucher (non-cash voucher) is used to record the transaction.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Social Audit' under Indian schemes is mandated for:
A. Private hospitals
B. Mahatma Gandhi NREGA
C. All government schemes
D. All companies
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Correct Answer: Option B

Explanation:
Social audit is statutory for MGNREGA.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
S1: In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows bank transactions using only the Aadhaar number. S2: AePS requires the beneficiary to have a micro-ATM or PoS device for authentication. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. Both S1 and S2
C. S2 only
D. S1 only
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Correct Answer: Option B

Explanation:
AePS allows online interoperable financial inclusion transactions at micro-ATMs/PoS using Aadhaar authentication. Both statements accurately describe the AePS mechanism under PFMS/DBT.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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