The 'Time of Supply' for goods under GST is earliest of: MCQ with Answer and Explanation

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The 'Time of Supply' for goods under GST is earliest of:

A. Date of contract

B. Date of delivery only

C. Date of invoice or date of payment

D. Date of order

Answer: Option C

Solution (By JKSSB Mock Tests)

Time of supply is the earlier of invoice date or receipt of payment.

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

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Question #1

Social Accounting is also known as:

A. Green accounting

B. Environmental accounting

C. All of these

D. Social responsibility accounting

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Correct Answer: Option C

Explanation:
Social accounting encompasses reporting on social, environmental, and ethical impacts, often termed social responsibility accounting, environmental accounting, or green accounting.

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

Question #2

The 'Related Party Disclosures' (Ind AS 24) requires disclosure of:

A. Only parent-subsidiary

B. Only sales transactions

C. Only borrowing

D. Key management compensation, related party relationships, and transactions

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Correct Answer: Option D

Explanation:
Ind AS 24 requires comprehensive disclosures.

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Question #3

Income received in advance is a:

A. Current Liability

B. Fixed Asset

C. Fictitious Asset

D. Current Asset

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Correct Answer: Option A

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

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

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