The 'GST Annual Return' GSTR-9 is required for: MCQ with Answer and Explanation

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The 'GST Annual Return' GSTR-9 is required for:

A. Regular taxpayers (not composition dealers, not ISD, etc.)

B. Input service distributors

C. All registered persons

D. Composition dealers

Answer: Option A

Solution (By JKExamLibrary)

GSTR-9 is filed by normal taxpayers; composition taxpayers file GSTR-4 annually.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Engagement Risk' is different from audit risk; it relates to:

A. Risk of loss or injury to the auditor's professional practice from litigation, adverse publicity, etc.

B. Detection risk

C. Risk of material misstatement

D. Inherent risk

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Correct Answer: Option A

Explanation:
Engagement risk is a business risk for the auditor.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

A credit balance in the bank column of cash book indicates:

A. Cash at bank (favourable)

B. Bank overdraft

C. Fixed deposit

D. Petty cash balance

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Correct Answer: Option B

Explanation:
A credit balance in bank column means the firm owes money to bank, i.e., bank overdraft.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

If a partner takes over an unrecorded liability during dissolution, the accounting entry is:

A. No entry is required

B. Debit Partner's Capital A/c, Credit Realisation A/c

C. Debit Liability A/c, Credit Cash

D. Debit Realisation A/c, Credit Partner's Capital A/c

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Correct Answer: Option D

Explanation:
The firm is assuming a cost (Debit Realisation) and compensating the partner who took the liability (Credit Partner's Capital).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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