The 'Provisional Assessment' under GST can be requested when: MCQ with Answer and Explanation

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The 'Provisional Assessment' under GST can be requested when:

A. Value of supply or rate of tax cannot be determined at the time of supply

B. Return is delayed

C. Tax rate is not known

D. Audit is pending

Answer: Option A

Solution (By JKSSB Mock Tests)

Provisional assessment under Section 60 allows payment of tax on a provisional basis when valuation/rate is uncertain.

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

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Question #1

The 'Group Engagement Partner' is responsible for:

A. Tax filing

B. Only his own work

C. Component audit only

D. Overall group audit opinion and direction, supervision, and performance of the group audit engagement

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Correct Answer: Option D

Explanation:
The engagement partner takes overall responsibility.

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

Question #2

Closing stock appearing outside the trial balance is shown in:

A. Trading A/c debit side and Balance Sheet liability side

B. Profit & Loss A/c only

C. Trading A/c credit side and Balance Sheet asset side

D. Only in Balance Sheet

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Correct Answer: Option C

Explanation:
Closing stock is shown in Trading A/c (credit side) by way of deduction from purchases and on asset side of Balance Sheet.

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

Question #3

The 'Section 40A(3)' disallows expenditure in excess of:

A. No limit

B. ₹2,000

C. ₹10,000 paid in cash per day to a person

D. ₹1,00,000

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Correct Answer: Option C

Explanation:
Payment exceeding ₹10,000 in cash for expenses is disallowed, with certain exceptions.

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

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