The 'Value of Supply' under GST includes: MCQ with Answer and Explanation

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The 'Value of Supply' under GST includes:

A. Only the price charged

B. Only GST

C. Price plus any taxes, duties, fees, etc., except GST

D. Only cost

Answer: Option C

Solution (By JKSSB Mock Tests)

Value includes all amounts charged, including incidental expenses, but excluding CGST/SGST/IGST.

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

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Question #1

The 'Materiality Level' in audit is set to:

A. Determine the significance of misstatements that could influence economic decisions

B. Reduce sample size

C. Avoid audit

D. Increase fees

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Correct Answer: Option A

Explanation:
Materiality is a threshold to guide audit procedures and evaluation of misstatements.

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

Question #2

Calls-in-arrears is shown in Balance Sheet as:

A. Current asset

B. Deduction from share capital

C. Addition to share capital

D. Current liability

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Correct Answer: Option B

Explanation:
Calls-in-arrears represents unpaid amount on shares, deducted from called-up capital in Balance Sheet.

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

Question #3

A company's profit after tax is ₹2,00,000. Preference dividend ₹20,000. Transfer to general reserve ₹30,000. Profit available for equity dividend is:

A. ₹1,50,000

B. ₹2,00,000

C. ₹1,80,000

D. ₹2,20,000

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Correct Answer: Option A

Explanation:
Profit after preference dividend and transfer to reserve = 2,00,000 - 20,000 - 30,000 = ₹1,50,000.

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

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