The 'Place of Supply' for inter-state supply is: MCQ with Answer and Explanation

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The 'Place of Supply' for inter-state supply is:

A. Location of recipient

B. Location of supplier

C. The state where movement terminates

D. Any state

Answer: Option C

Solution (By JKSSB Mock Tests)

For inter-state, place of supply generally is the destination state.

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

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Question #1

In the Balance Sheet, 'Patents' are shown under:

A. Current assets

B. Investments

C. Current liabilities

D. Fixed assets – Intangible

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Correct Answer: Option D

Explanation:
Patents are intangible fixed assets.

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

Question #2

S1: PFMS is a platform for all direct benefit transfers. S2: PFMS is integrated with the Core Banking System of banks. Which statement(s) is/are correct?

A. S2 only

B. Neither S1 nor S2

C. Both S1 and S2

D. S1 only

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Correct Answer: Option C

Explanation:
PFMS is the primary platform for Direct Benefit Transfers (DBT) under various government schemes. It is integrated with the Core Banking Systems (CBS) of all banks to ensure seamless and direct credit to beneficiaries' accounts. Both are correct.

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

Question #3

The 'Fiscal Deficit' is:

A. Total expenditure minus total receipts (excluding borrowings)

B. Primary deficit plus interest payments

C. Total expenditure minus total revenue

D. Revenue deficit minus grants

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Correct Answer: Option A

Explanation:
Fiscal deficit = Total expenditure - (Revenue receipts + Non-debt capital receipts). It indicates borrowing requirement.

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

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