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

Question
Under GST, the 'Taxable Event' is:
A. Manufacture
B. Production
C. Supply of goods or services
D. Sale
Answer: Option C
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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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a current liability?
A. Goodwill
B. Mortgage Loan
C. Debentures
D. Sundry Creditors
Discuss
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Correct Answer: Option D

Explanation:
Sundry Creditors are amounts owed to suppliers for goods purchased on credit, which are typically due within one year, making them a current liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following errors will cause the Trial Balance to disagree?
A. Casting the Sales Return book short by Rs 100
B. Recording a transaction in the wrong subsidiary book
C. Complete omission of a transaction
D. Posting Rs 500 to the debit of Machinary instead of Wages
Discuss
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Correct Answer: Option A

Explanation:
Short casting (undercasting) a subsidiary book affects only one side of the ledger, resulting in a mismatch in the Trial Balance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'GST Compensation Cess' was originally guaranteed for how many years?
A. 10 years
B. 3 years
C. 5 years
D. Indefinite
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Correct Answer: Option C

Explanation:
Compensation to states for revenue loss was guaranteed for five years from July 1, 2017.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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