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

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The 'GST Compensation Cess' is levied on:

A. Luxury and sin goods

B. Essential goods

C. All goods and services

D. Exports

Answer: Option A

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

Which accounting standard deals with the presentation of financial statements?

A. AS 1

B. AS 2

C. AS 10

D. AS 9

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Correct Answer: Option A

Explanation:
AS 1 'Disclosure of Accounting Policies' deals with the classification and presentation of financial statements and the disclosure of accounting policies.

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Question #2

A Bank Reconciliation Statement is prepared by:

A. Bank

B. Customer (account holder)

C. Auditor of the bank

D. Reserve Bank

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Correct Answer: Option B

Explanation:
BRS is prepared by the customer to reconcile differences between his records and bank statement.

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Question #3

The 'Segment Information' under Ind AS 108 is based on:

A. Product lines only

B. Legal entities

C. Geographical areas only

D. The management approach (as reported internally to the chief operating decision maker)

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Correct Answer: Option D

Explanation:
Ind AS 108 adopts a 'management approach' to identify operating segments.

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

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