The 'Integrated Tax' (IGST) is levied and collected by: MCQ with Answer and Explanation

Question

Share Report Error

The 'Integrated Tax' (IGST) is levied and collected by:

A. Local bodies

B. State government

C. Central government

D. Both centre and state

Answer: Option C

Solution (By JKSSB Mock Tests)

IGST is levied by the central government on inter-state supplies and imports.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

When goods are distributed as free samples, the adjustment entry requires:

A. Debiting Free Samples A/c, Crediting Cash A/c

B. Debiting Purchases A/c, Crediting Advertisement A/c

C. Debiting Advertisement A/c, Crediting Trading A/c (or Purchases A/c)

D. Debiting P&L A/c, Crediting Sales A/c

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Free samples are an advertising expense (debit), and they reduce the stock of purchased goods at cost price (credit Purchases/Trading).

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

Question #2

A: Vouching is the examination of documentary evidence. R: Vouching is the same as verification. Choose the correct option.

A. A is true but R is false

B. Both A and R are true and R is the correct explanation of A

C. A is false but R is true

D. Both A and R are true but R is NOT the correct explanation of A

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Vouching is indeed the examination of vouchers to verify transactions. However, verification is a broader term that includes proving the existence, ownership, and valuation of assets and liabilities at the balance sheet date. They are not the same. A is true, R is false.

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

Question #3

A bank reconciliation statement is prepared to reconcile the balance of:

A. Cash book (bank column) and passbook

B. Purchase book and cash book

C. Sales book and passbook

D. Cash book (cash column) and passbook

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
BRS reconciles the bank balance as per cash book and bank statement (passbook).

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

Explore All Accountancy and Book Keeping MCQs