Under GST, the 'Composition Scheme' is available to small taxpayers with aggregate turnover up to: MCQ with Answer and Explanation

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Under GST, the 'Composition Scheme' is available to small taxpayers with aggregate turnover up to:

A. ₹50 lakh

B. ₹1.5 crore

C. ₹10 crore

D. ₹20 lakh

Answer: Option B

Solution (By JKSSB Mock Tests)

For goods, composition scheme limit is ₹1.5 crore (₹75 lakh for some states). For services, separate limit. The general limit for goods is ₹1.5 crore.

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

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Question #1

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Which accounting principle states that revenue should be recognized only when it is actually earned, not necessarily when cash is received?

A. Historical Cost Principle

B. Matching Principle

C. Revenue Recognition Principle

D. Conservatism Principle

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Correct Answer: Option C

Explanation:
The Revenue Recognition (Realization) principle dictates that revenue is recognized when the earning process is virtually complete and an exchange has taken place.

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