Tag: elements of accounts

Quizzes (156) Questions (701)

Questions Related to elements of accounts

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

The number of sections, chapters and Schedules involved in the Model GST Law _______________________.

  1. 162 Sections, 25 Chapters and 4 Schedules

  2. 126 Sections, 52 Chapters and 3 Schedules

  3. 101 Sections, 21 Chapters and 2 Schedules

  4. 102 Sections, 20 Chapters and 1 Schedule
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Model GST Law as originally drafted and presented contained 162 sections, 25 chapters, and 4 schedules.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

What happens if a taxable person has paid CGST & SGST or, as the case may be, CGST & UTGST (in SGST / UTGST Act) on a transaction considered by him to be an intra-state supply but which is subsequently held to be an inter-state supply?

  1. Seek refund

  2. Adjust against future liability

  3. Take re-credit

  4. File a suit for recovery
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

If a taxpayer pays tax under the wrong head, they must pay the correct tax and then claim a refund of the tax paid under the incorrect head.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

The power to issue order for arrest will be vested upon?

  1. Commissioner of CGST/SGST

  2. Joint Commissioner of CGST/SGST

  3. Deputy Commissioner/Assistant Commissioner of CGST/SGST

  4. Any of the Above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The power to issue an order for arrest under the GST Act is vested in the Commissioner of CGST or SGST.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

Who will notify the rate of tax to be levied under CGST?

  1. Central Government suo moto

  2. State Government suo moto

  3. GST Council suo moto

  4. Central Government as per the recommendations of the GST Council
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Central Government notifies the tax rates under the CGST Act, but it must do so based on the recommendations of the GST Council.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

What should the taxable person do if he pay's tax under wrong GSTIN?

  1. Pay again under right GSTIN and claim refund

  2. Auto-adjustment

  3. Adjustment on application/request

  4. Raise ISD invoice and transfer
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

If tax is paid under the wrong GSTIN, the taxpayer must pay the tax again under the correct GSTIN and then apply for a refund of the amount paid under the incorrect GSTIN.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

A registered taxable person other than ISD, non-resident tax payer & a person paying tax under section 10, 51 or 52, shall file its periodical in ____________________________.

  1. Form GSTR 3 by 18th of the month succeeding the quarter

  2. Form GSTR 4 by 18th of the month succeeding the quarter

  3. Form GSTR 4 by 18th of the succeeding month

  4. Form GSTR 3 by 20th of the succeeding month
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A standard registered taxable person is required to file GSTR-3 by the 20th of the month succeeding the tax period.

Multiple choice elements of accounts ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

Which of the following is a book of original entry and also part of the ledger?

  1. The Journal

  2. The Cash Book

  3. The Purchase Book

  4. The Sales Book
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Cash Book acts as both a book of original entry (journal) and a ledger account (for cash and bank balances).

Multiple choice elements of accounts ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

The 'Statement of Affairs' is prepared on the basis of _______________.

  1. Ledger Accounts.

  2. Ledger Accounts and estimates.

  3. Estimates.

  4. None of the above.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A Statement of Affairs is used in incomplete records (single-entry system). It is prepared using available ledger balances and estimates of assets and liabilities.

Multiple choice elements of accounts ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

Which of the following is not opened in the General Ledger ?

  1. Drawing Account

  2. Land Account

  3. Rent Account

  4. Personal Account of a trade creditor
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Personal accounts of trade creditors are typically kept in a Subsidiary Ledger (Creditors Ledger), not the General Ledger.

Multiple choice elements of accounts ledger and posting develop the understanding for posting of transactions and balancing of accounts classification of ledger (subdivision of ledger) and balancing of account meaning and importance of ledger

Bought ledger adjustment account is also termed as _______________.

  1. General ledger Account.

  2. Creditors ledger adjustment Account.

  3. Debtors ledger adjustment Account.

  4. Sold ledger adjustment Account.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Creditors or Purchases or Bought Ledger: It contains personal accounts of trade creditors from whom goods are purchased on credit.