Under GST, the 'Taxable Event' is: MCQ with Answer and Explanation

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Under GST, the 'Taxable Event' is:

A. Sale

B. Supply of goods or services

C. Manufacture

D. Production

Answer: Option B

Solution (By JKSSB Mock Tests)

GST is levied on 'supply' rather than manufacture or sale alone.

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

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Question #1

'Creditors' in the balance sheet are shown as:

A. Assets

B. Capital

C. Reserves

D. Liabilities

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Correct Answer: Option D

Explanation:
Creditors are amounts payable, hence liabilities.

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

Question #2

The Comptroller and Auditor General (CAG) of India audits:

A. Private companies

B. Local businesses

C. Government departments and public sector undertakings

D. All companies

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Correct Answer: Option C

Explanation:
CAG audits the accounts of the Union and State governments and bodies substantially financed by government.

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Question #3

Legacy donation is generally treated as:

A. Liability

B. Revenue receipt

C. Capital receipt

D. Deferred revenue

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Correct Answer: Option C

Explanation:
Legacy is a voluntary contribution of a significant nature, usually treated as capital receipt.

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