The 'GST Compensation to States' is for a period of: MCQ with Answer and Explanation

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The 'GST Compensation to States' is for a period of:

A. 5 years

B. 10 years

C. 3 years

D. Indefinite

Answer: Option A

Solution (By JKSSB Mock Tests)

Compensation to states for revenue loss was guaranteed for 5 years from GST implementation (2017-2022).

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

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Customs Bonded Warehouse' allows:

A. Immediate sale of imported goods

B. Destruction of goods

C. Storage of imported goods without payment of customs duty until clearance

D. Re-export without any record

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Correct Answer: Option C

Explanation:
Bonded warehouses store imported goods under customs supervision; duty is deferred.

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

Question #2

The 'Section 40A(3)' disallows expenditure in excess of:

A. No limit

B. ₹2,000

C. ₹10,000 paid in cash per day to a person

D. ₹1,00,000

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Correct Answer: Option C

Explanation:
Payment exceeding ₹10,000 in cash for expenses is disallowed, with certain exceptions.

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

Question #3

Under Cost Accounting, abnormal wastage of material is transferred to:

A. Costing Profit & Loss Account

B. Finished Goods Account

C. Factory Overheads Account

D. Work in Progress Account

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Correct Answer: Option A

Explanation:
Abnormal losses are not treated as a cost of production; they are transferred directly to the Costing P&L account to avoid inflating product costs.

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

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