The 'GST Registration' threshold for normal states for supply of goods is: MCQ with Answer and Explanation

Question
The 'GST Registration' threshold for normal states for supply of goods is:
A. ₹40 lakh
B. ₹10 lakh
C. ₹20 lakh
D. ₹1.5 crore
Answer: Option A
Solution (By JKSSB Mock Tests)
The threshold for goods supplier in normal states is ₹40 lakh (₹20 lakh for services).
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 final step in the accounting cycle is:
A. Preparation of trial balance
B. Posting to ledger
C. Preparation of financial statements
D. Journalizing
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Correct Answer: Option C

Explanation:
The accounting cycle ends with the preparation of financial statements from the trial balance and adjustments.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The minimum number of members in a private company is:
A. 10
B. 7
C. 3
D. 2
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Correct Answer: Option D

Explanation:
Private company requires minimum 2 members.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Examining documentary evidence to ascertain the accuracy and authenticity of transactions is called:
A. Verification
B. Internal checking
C. Vouching
D. Valuation
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Correct Answer: Option C

Explanation:
Vouching is the practice of checking the entries in the books of accounts with supporting documents (vouchers) to prove their accuracy.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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