The 'GST on Education Services' provided by educational institutions is: MCQ with Answer and Explanation

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The 'GST on Education Services' provided by educational institutions is:

A. 12%

B. Exempt for specified services and institutions

C. 18%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Services provided by educational institutions to students/faculty are exempt.

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

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Question #1

If a Trial Balance tallies, it indicates:

A. All transactions are recorded correctly

B. No errors exist

C. Only arithmetical accuracy, errors may still exist

D. Books are complete

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Correct Answer: Option C

Explanation:
Agreed trial balance is not conclusive proof of accuracy; errors of principle, omission, commission may still be present.

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

Question #2

The 'Intangible Asset' (AS 26) is recognised if:

A. It is internally generated

B. It is probable that future economic benefits will flow and cost can be measured reliably

C. It is purchased

D. It has physical substance

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Correct Answer: Option B

Explanation:
Intangible assets are recognised when they meet the definition and recognition criteria.

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

Question #3

The term 'Test of Details' in audit refers to:

A. Issuing the audit report

B. Testing the details of transactions and balances

C. Testing the internal controls

D. Planning the audit

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Correct Answer: Option B

Explanation:
Tests of details involve examining the underlying documentation for specific transactions and account balances to verify their accuracy.

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

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