The 'Zero-Rated Supply' under GST includes: MCQ with Answer and Explanation

Question Report Error
The 'Zero-Rated Supply' under GST includes:
A. Exports and supplies to SEZ
B. All supplies
C. Nil-rated supplies
D. Exempt supplies
Answer: Option A
Solution (By JKExamLibrary)
Zero-rated supplies attract 0% GST, and input tax credit is available.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error
A Cash Voucher is prepared for:
A. Both cash receipts and cash payments
B. Credit transactions
C. Only cash payments
D. Only cash receipts
Discuss

Correct Answer: Option A

Explanation:
Cash vouchers are used to record all transactions involving the physical inflow or outflow of cash.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2 Report Error
The 'Expected Credit Loss' model under Ind AS 109 requires:
A. Recognising expected credit losses from the point of initial recognition
B. Provision only when loss is certain
C. Provision based on incurred loss
D. No provision
Discuss

Correct Answer: Option A

Explanation:
ECL model is forward-looking, recognising impairment based on expected losses rather than incurred losses.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3 Report Error
Assertion (A): Wages paid for erection of a new plant are debited to Plant and Machinery account. Reason (R): All expenses incurred to bring an asset to its working condition are capitalised. Choose the correct option:
A. A is true but R is false.
B. Both A and R are true but R is not the correct explanation of A.
C. Both A and R are true and R is the correct explanation of A.
D. A is false but R is true.
Discuss

Correct Answer: Option C

Explanation:
Wages for plant installation are capital expenditure, so A is true. R correctly explains why.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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