The 'Tax Invoice' under GST must be issued: MCQ with Answer and Explanation

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The 'Tax Invoice' under GST must be issued:

A. Before or at the time of removal/delivery of goods; for services, within 30 days

B. Quarterly

C. Within 30 days of supply of goods

D. Monthly

Answer: Option A

Solution (By JKSSB Mock Tests)

For goods, invoice is issued before/at the time of supply; for services, within 30 days (45 days for banks/insurance).

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

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Question #1

The primary objective of Financial Management is:

A. Maximizing market share

B. Profit maximization

C. Wealth maximization of shareholders

D. Minimizing taxes

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Correct Answer: Option C

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.

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Question #2

While passing an opening entry, if the total of liabilities exceeds the total of assets, the difference is debited to:

A. General Reserve

B. Capital Account

C. Goodwill Account

D. Suspense Account

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Correct Answer: Option C

Explanation:
If a business is acquired and liabilities exceed assets paid for, the difference is treated as the value paid for the firm's Goodwill.

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Question #3

X and Y share profits 3:2. They admit Z for 1/5th share, which he gets entirely from X. The new profit sharing ratio will be:

A. 2:2:1

B. 2:1:2

C. 1:2:2

D. 3:2:1

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Correct Answer: Option A

Explanation:
X's new share = 3/5 - 1/5 = 2/5. Y = 2/5. Z = 1/5. Ratio = 2:2:1.

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