The 'Job Work' under GST means: MCQ with Answer and Explanation

Question
The 'Job Work' under GST means:
A. Employment
B. Processing or treatment on goods belonging to another registered person
C. Service contract
D. Consultancy
Answer: Option B
Solution (By JKSSB Mock Tests)
Job work involves undertaking a process on goods owned by another person.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Under the Income Tax Act, the 'TDS' on payment of commission or brokerage exceeding ₹15,000 in a financial year is governed by which section, and what is the rate?
A. Section 194H at 5%
B. Section 194J at 10%
C. Section 194Q at 0.1%
D. Section 194C at 1%
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Correct Answer: Option A

Explanation:
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under AS 12, government grants related to depreciable assets are generally:
A. Deducted from the cost of the asset or treated as deferred income
B. Added to capital
C. Ignored
D. Recognised as income immediately
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Correct Answer: Option A

Explanation:
AS 12 permits either reducing the cost of asset or treating grant as deferred income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Minimum Alternate Tax' (MAT) rate for companies is:
A. 15%
B. 22%
C. 18.5%
D. 15% (plus surcharge and cess)
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Correct Answer: Option D

Explanation:
MAT is 15% of book profits (plus surcharge and cess).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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