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 delivery only

B. Date of invoice or date of payment

C. Date of contract

D. Date of order

Answer: Option B

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

Under the concept of 'Triple Bottom Line' (TBL) reporting, a company focuses on:

A. Profits, Dividends, and Retained Earnings

B. People, Planet, and Profit

C. Revenues, Expenses, and Taxes

D. Assets, Liabilities, and Equity

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Correct Answer: Option B

Explanation:
TBL is a framework advocating that companies commit to social (People) and environmental (Planet) concerns just as they do on financial (Profit) goals.

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Question #2

Which of the following is a feature of financial management?

A. It is a specialized branch of general management

B. It ignores the time value of money

C. It is only for non-profit organizations

D. It is only concerned with raising funds

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Correct Answer: Option A

Explanation:
Financial management is a specialized branch of general management that deals with the planning, organizing, and controlling of financial activities.

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Question #3

Under single entry system, it is often difficult to prepare:

A. Personal accounts

B. Profit and Loss Account and Balance Sheet

C. Cash account

D. Debtors list

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Correct Answer: Option B

Explanation:
Because real and nominal accounts are incomplete, final accounts cannot be prepared directly.

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

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