The 'Value of Supply' under GST includes: MCQ with Answer and Explanation

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The 'Value of Supply' under GST includes:

A. Price plus any taxes, duties, fees, etc., except GST

B. Only GST

C. Only the price charged

D. Only cost

Answer: Option A

Solution (By JKExamLibrary)

Value includes all amounts charged, including incidental expenses, but excluding CGST/SGST/IGST.

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

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Question #1 Report Error

The 'One Person Company' (OPC) concept was introduced in India by:

A. GST Act

B. Companies Act, 2013

C. Income Tax Act

D. Companies Act, 1956

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Correct Answer: Option B

Explanation:
OPC was introduced by Companies Act, 2013 to allow single entrepreneurs to have corporate status.

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

Question #2 Report Error

Which error will cause a mismatch in trial balance?

A. Error of omission of a transaction completely

B. Error of principle

C. Compensating errors

D. Posting a correct amount on the wrong side of an account

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Correct Answer: Option D

Explanation:
Posting on the wrong side causes one side to be more/less, making totals unequal.

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

Question #3 Report Error

The 'Accounting Policy Changes' are applied:

A. Prospectively

B. Arbitrarily

C. Only with government approval

D. Retrospectively, unless impracticable

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Correct Answer: Option D

Explanation:
Ind AS 8 requires retrospective application of changes in accounting policies.

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

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