Tag: journal

Questions Related to journal

Wages paid to Mohan for erecting a machine should be debited to ___________.

elements of accounts journal meaning and classification of business transactions develop the understanding of recording of transactions in journal illustrations on journal entries

  1. Wages A/c

  2. Machine A/c

  3. Mohans A/c

  4. Cash A/c

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Correct Option: B
Explanation:

'Wages paid' for the 'installation of machinery' should be debited to machinery account. 

Explanation: It is the amount incurred for buying and installing the machine. The 'machinery account' is debited since the machine has to be put to use.

Which of the following was the first country to implement GST to reduce tax-evasion?

elements of accounts introduction to gst fundamentals of gst tax journal

  1. France

  2. Canada

  3. Germany

  4. Switzerland

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Correct Option: A

What are different types of supplies covered under the scope of Supply under CGST Act 2017?

elements of accounts introduction to gst fundamentals of gst tax journal

  1. Supplies made with consideration

  2. Supplies made without consideration

  3. Both of the above

  4. None of the above

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Correct Option: C

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

Whether a taxable person who has paid CGST& SGST or, as the case may be, CGST & UTGST on a transaction considered by him to be an intra-state supply, but which is subsequently held to be an inter-state supply is required to pay interest?

civics introduction to gst fundamentals of gst tax journal

  1. Yes

  2. No

  3. At proper officer's discretion

  4. None of the above

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Correct Option: B

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

In GST, the registration application approval is to be intimated by the respective SGST/CGST Officials within _____________________.

civics introduction to gst fundamentals of gst tax journal

  1. 10 Common Working days in form GST REG-06

  2. 7 Common Working days in form GST REG-06

  3. 5 Common Working days in form GST REG-06

  4. 3 Common Working days in form GST REG-06

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Correct Option: D

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

Whether Alcoholic Liquor for industrial and other usages is taxable under GST?

civics introduction to gst fundamentals of gst tax journal

  1. No

  2. Yes

  3. Exempted

  4. Non-Taxable

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Correct Option: B