Tag: elements of accounts

Questions Related to elements of accounts

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

elements of accounts introduction to gst fundamentals of gst tax journal

  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

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Correct Option: A

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?

elements of accounts introduction to gst fundamentals of gst tax journal

  1. Seek refund

  2. Adjust against future liability

  3. Take re-credit

  4. File a suit for recovery

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Correct Option: A

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

elements of accounts introduction to gst fundamentals of gst tax journal

  1. Commissioner of CGST/SGST

  2. Joint Commissioner of CGST/SGST

  3. Deputy Commissioner/Assistant Commissioner of CGST/SGST

  4. Any of the Above

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Correct Option: A

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

elements of accounts introduction to gst fundamentals of gst tax journal

  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

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Correct Option: D

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

elements of accounts introduction to gst fundamentals of gst tax journal

  1. Pay again under right GSTIN and claim refund

  2. Auto-adjustment

  3. Adjustment on application/request

  4. Raise ISD invoice and transfer

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Correct Option: A

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 ____________________________.

elements of accounts introduction to gst fundamentals of gst tax journal

  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

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Correct Option: D

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

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

  1. The Journal

  2. The Cash Book

  3. The Purchase Book

  4. The Sales Book

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Correct Option: B

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

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

  1. Ledger Accounts.

  2. Ledger Accounts and estimates.

  3. Estimates.

  4. None of the above.

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Correct Option: B

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

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

  1. Drawing Account

  2. Land Account

  3. Rent Account

  4. Personal Account of a trade creditor

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Correct Option: D

Bought ledger adjustment account is also termed as _______________.

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

  1. General ledger Account.

  2. Creditors ledger adjustment Account.

  3. Debtors ledger adjustment Account.

  4. Sold ledger adjustment Account.

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Correct Option: B
Explanation:

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