The 'GST Refund' for unutilised ITC due to inverted duty structure is available for: MCQ with Answer and Explanation

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The 'GST Refund' for unutilised ITC due to inverted duty structure is available for:

A. Goods where input tax rate is higher than output tax rate, subject to certain exclusions

B. All zero-rated supplies

C. All goods

D. Services

Answer: Option A

Solution (By JKSSB Mock Tests)

Refund of accumulated ITC due to inverted rate structure is allowed for goods, with some exceptions.

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

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Question #1

The 'Purchase Returns Book' records:

A. Cash purchases

B. Goods returned by customers

C. Goods returned to suppliers

D. Credit purchases

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Correct Answer: Option C

Explanation:
Purchase returns (returns outward) are recorded in this subsidiary book.

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

Question #2

Interest on capital allowed to a partner is debited to:

A. Suspense Account

B. Partner's Capital Account

C. Interest Account

D. Profit & Loss Appropriation Account

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Correct Answer: Option D

Explanation:
Interest on capital is an appropriation of profit, thus debited to the P&L Appropriation Account and credited to the Partner's Capital Account.

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

Question #3

When an auditor issues a 'Qualified Opinion', it implies that:

A. The auditor lacks independence

B. The auditor could not gather any evidence

C. The financial statements are completely false

D. Except for specific issues, the statements present a true and fair view

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Correct Answer: Option D

Explanation:
A qualified opinion means the statements are generally accurate, 'except for' certain matters detailed in the report.

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

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