The 'TCS' under GST is collected by: MCQ with Answer and Explanation

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The 'TCS' under GST is collected by:

A. E-commerce operators

B. Exporters

C. All registered persons

D. Importers

Answer: Option A

Solution (By JKSSB Mock Tests)

E-commerce operators collect TCS at 1% under Section 52.

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

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Question #1

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Under AS 19 'Leases', a lease is classified as finance lease if:

A. It transfers substantially all risks and rewards incidental to ownership

B. It is an operating lease

C. Lease term is less than one year

D. Lessor retains ownership

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Correct Answer: Option A

Explanation:
Finance lease transfers substantially all risks and rewards of ownership to the lessee.

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Question #2

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Which of the following is a direct income?

A. Sale of scrap

B. Discount received

C. Interest on investment

D. Commission received

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Correct Answer: Option A

Explanation:
Sale of scrap is directly related to production, thus a direct income credited to Trading Account. Discount, commission, interest are indirect.

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

Question #3

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The debit balance in Pass Book indicates:

A. Fixed deposit

B. Favourable balance

C. Overdraft

D. Cash in hand

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Correct Answer: Option C

Explanation:
Pass Book is a copy of customer's account in bank's books. A debit balance means customer owes bank, i.e., overdraft.

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

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