The 'GST Compensation Cess' is levied on: MCQ with Answer and Explanation

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The 'GST Compensation Cess' is levied on:

A. Essential goods

B. Exports

C. All goods and services

D. Luxury and sin goods

Answer: Option D

Solution (By JKSSB Mock Tests)

Compensation cess is levied on specified luxury and demerit goods to compensate states for revenue loss.

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

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Question #1

Bank column of cash book always shows a debit balance if there is:

A. Overdraft

B. No transactions

C. Favourable balance

D. Fixed deposit

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Correct Answer: Option C

Explanation:
A debit balance in bank column means money in bank (favourable balance). Overdraft is credit balance.

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Question #2

Under the single entry system, if Closing Capital is Rs 50,000, Opening Capital is Rs 30,000, and Drawings are Rs 10,000, what is the profit?

A. Rs 10,000

B. Rs 20,000

C. Rs 40,000

D. Rs 30,000

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Correct Answer: Option D

Explanation:
Profit = Closing Capital + Drawings - Opening Capital = 50,000 + 10,000 - 30,000 = Rs 30,000.

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Question #3

Interest on partners' capital is:

A. A charge against profit

B. An appropriation of profit

C. Always 6%

D. Not allowed

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Correct Answer: Option B

Explanation:
Interest on capital, when deed provides, is an appropriation of profit, not a charge.

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

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