GSTR-1 is a return filed for: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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The 'Activity Based Costing' (ABC) is more suitable for:
Correct Answer: Option A
Explanation:
ABC works best where overheads are high and diverse, and products consume resources differently.
ABC works best where overheads are high and diverse, and products consume resources differently.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under GST, the 'Composition Levy' scheme has a threshold limit of ₹1.5 Crore (₹75 Lakhs for NE states). What is the tax rate payable by a composition dealer for manufacturers/traders?
Correct Answer: Option B
Explanation:
Under the GST Composition Scheme, manufacturers and traders are required to pay tax at a concessional rate of 1% (0.5% CGST + 0.5% SGST) of their turnover in India.
Under the GST Composition Scheme, manufacturers and traders are required to pay tax at a concessional rate of 1% (0.5% CGST + 0.5% SGST) of their turnover in India.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following transactions will not affect the total of the Balance Sheet?
Correct Answer: Option C
Explanation:
Cash to bank is just a change in composition of assets; total assets unchanged. Other transactions change total assets/liabilities.
Cash to bank is just a change in composition of assets; total assets unchanged. Other transactions change total assets/liabilities.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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