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. Tax rate is not known

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

C. Audit is pending

D. Return is delayed

Answer: Option B

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

Income received in advance is a:

A. Current Asset

B. Fixed Asset

C. Current Liability

D. Fictitious Asset

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Correct Answer: Option C

Explanation:
Money received for services yet to be performed creates an obligation to provide the service, thus it is a liability.

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Question #2

The 'Accrual Concept' is also known as:

A. Hybrid system

B. Single entry

C. Mercantile system

D. Cash system

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Correct Answer: Option C

Explanation:
Accrual basis is also called mercantile basis, where transactions are recorded when they occur, not when cash is paid/received.

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Question #3

Sunk costs are:

A. Costs that have already been incurred and cannot be recovered

B. Future costs that differ among alternatives

C. Relevant for decision making

D. Variable costs of a project

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Correct Answer: Option A

Explanation:
Sunk costs are past expenditures. Since they cannot be changed by present or future decisions, they are considered irrelevant for decision making.

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

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