GST is a comprehensive indirect tax levied on: MCQ with Answer and Explanation

Question Report Error
GST is a comprehensive indirect tax levied on:
A. Import of capital goods only
B. Sale of services only
C. Manufacture of goods only
D. Supply of goods and services
Answer: Option D
Solution (By JKExamLibrary)
GST is a destination-based tax on supply of goods and services, replacing multiple indirect taxes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error
A favourable variance in materials cost indicates that:
A. Material price increased in the market
B. More material was used than budgeted
C. Actual cost of materials was less than the standard cost
D. Sales volume increased
Discuss

Correct Answer: Option C

Explanation:
Favourable means beneficial to profit, which happens when actual costs are lower than standard expected costs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
Which of the following is a 'Subsidiary Book'?
A. Balance Sheet
B. Trial Balance
C. Sales Day Book
D. Profit & Loss Account
Discuss

Correct Answer: Option C

Explanation:
Sales Day Book is a subsidiary book for recording credit sales.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
The 'Safe Harbour Rules' under transfer pricing provide:
A. Circumstances in which tax authorities accept transfer price declared by taxpayer
B. Criminal prosecution
C. Penalty provisions
D. No relief
Discuss

Correct Answer: Option A

Explanation:
Safe harbour rules reduce litigation by accepting declared margins in specified conditions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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