CCAC 1.1 FINANCIAL ACCOUNTING IN BUSINESS Exam Title (CCAC 1.

1)

Basic accounting
Time: 1:30 Hours Maximum: 50Marks
Advanced accounting
Exam details:
GOODS & SERVICES (GST)
Subject Code CCAC 1.1
Subject Name TALLY
Grade\Class B.COM I
Examination Time 10:30AM TO 1:30 PM

Answer any five from the following questions. Each carries 2 Marks
(5*2= 10)

Question: - What are Bad debts?

Question: -What is a Journal?

Question: -What are Ledgers?

Question: -What do you mean by Book Keeping?

Question: -Explain the rules for Debit and Credit?

Question: -What are Outstanding Expenses?

Answer the following questions. Each question carries 2.5 marks

(2*2.5=5)

Question: -a) Explain the term ‘current asset’ and its subgroup.

Question: -b) Type of inventory vouchers and its shortcuts.

Question: -Define the term Bank reconciliation.

 How many types of taxes will be in
GST Stands for Indian GST?

Goods and Supply Tax 2

Government Sales Tax 3
Goods and Services Tax 4
General Sales Tax 5
6
In India GST became effective from
First announcement to introduce GST
1st April, 2017 by 2010, is made in Year
1st January, 2017
1st July, 2017 2000
1st March, 2017 2004
2006
In India GST came effective from July 2008
1st, 2017 India has chosen _______ 2010
model of dual – GST.
Which of the following tax is not
USA subsumed in GST
UK
Canadian VAT
China Stamp Duty
Japan Entry Tax
Entertainment Tax
GST is a _______ based tax on
consumption of goods and services. What are the taxes levied on an Intra-
State Supply?
Duration
Destination CGST
Dividend SGST
Development CGST and SGST
Destiny IGST

What is the maximum rate prescribed

What does “I” stands for in IGST? under CGST?

A. International 12%
B. Internal 20%
C. Integrated 28%
D. Intra 18%

Indian GST model has _________rate Which of the following taxes will be
structure. levied on Imports of goods and
services?
3
4 CGST
5 SGST
6 IGST
Exempt
Maximum rate prescribed under Which of the following is an intrastate
UTGST/SGST? supply?

14% Supplier of goods located in Nagpur and

20% place of supply of goods SEZ located in
28% Mumbai
30% Supplier of goods located in Kolkata
and place of supply of goods in
How will the goods and services be Bangalore
classified under GST regime? Supplier of goods located in Goa and
place of supply of goods in Goa
A. SAC/HSN Code All the above
B. HSN Code
C. SAC Code Place of supply in case of installation of
D. GST Code elevator is
E. None of above
Where the movement of elevator
commences from the supplier’s place.
HSN Code Stands for Where the delivery of elevator is taken.
Where the installation of elevator is
A. Home Shopping Network made.
B. Harmonised System of Where address of the recipient is
Nomenclature mentioned in the invoice.
C. Harmonised System Number
D. Home State Number What is location of supply in case of
importation of goods?
SAC Code Stands for
Customs port where the goods are
A. Services Accounting Code cleared
B. Software Accounting Code Location of the importer
C. System Accounting Code Place where the goods are delivered
D. Service Application Code after clearance from customs port
Owner of the goods
Can a person apply for registration
without PAN What is the threshold limit of turnover
in the preceding financial year for
A. No opting to pay tax under composition
B. Yes scheme?

Is there any ceiling limit prescribed on Rs.20 lacs

the rate under IGST? Rs.50 lacs
Rs.75 lacs
12%
18% What is the rate applicable under CGST
28% to a registered person being a hotelier
40% opting to pay taxes under composition
scheme?

1%
0.5%
2.5%
None of the above
Who are mandatorily required to obtain For an E-commerce operator
registration? registration threshold limit is?

Every Person Rs.20 lacs

For an agriculturist or exclusively Rs.50 lacs
engaged in supplying exempt goods or Rs.75 lacs
services is not required and for others if None of above
specified threshold limit exceeds in a
financial year What is the validity of the registration
Not required for an agriculturist or certificate?
person exclusively engaged in supplying
exempt goods or services Five years
No, only if specified threshold exceeds Ten years
in a financial year then only need to No validity
obtain Valid till it is cancelled

Which one of the following is true? Which of the following requires

amendment in the registration
A. A person can collect tax only he is certificate?
registered
B. Registered person not liable to Change of name of the registered
collect tax till his aggregate turnover person
exceeds threshold limit Change in constitution of the registered
C. A person can collect the tax during person
the period of his provisional registration Switching over form composition
D. None of the above scheme to normal scheme or vice versa.
All of the above
Which form is to be used for
registration? How a person can apply for
registration?
Form GSTR -1A
Form GSTR – 2 Filing FORM GST REG-01 along with
Form GST REG-01 necessary documents with the
Form GST REG jurisdictional proper officer.
Filing FORM GST REG-01 electronically
PAN issued under the Income Tax Act is in the common portal and uploading
mandatory for grant of registration. the required documents along with the
application.
It is one of the document listed. Uploading necessary documents
Yes, but non-resident taxable person electronically in the common portal and
may be granted registration on the also submitting manually to the
basis of any other document. jurisdictional proper officer.
No, for persons who are required to None of the above
deduct tax at source u/s 51 shall have
TAN in lieu of PAN.
Both (b) and (c)
Under what circumstances physical When does liability to pay GST arise in
verification of business premises is case of supply of goods?
mandatory?
On raising of invoice
Physical verification of business At the time of supply of goods
premises is a discretionary power of On receipt of payment
proper officer. Earliest of any of above
If additional information for registration
asked by the proper officer is not What is date of receipt of payment?
submitted within specified time.
Date of entry in the books
If certificate of registration is obtained Date of payment credited into bank
on misrepresentation of facts. account
Earlier of (a) and (b)
If photograph of the business premise Date of filing of return
is not uploaded in the common portal
within specified time The value of supply of goods and
services shall be the
Business which has centralized
registration under existing Acts Transaction value
MRP
A. Shall obtain a centralized Market Value
registration under GST Law. None of above
B. Shall obtain separate registration in
each state from where it is making When can the transaction value be
taxable supplies. rejected for computation of value of
C. Shall obtain registration on supply
temporary basis.
D. No need to apply for registration When the buyer and seller are not
under GST. related and price is not the sole
consideration
Can a registered person opt for When the buyer and seller are related
composition scheme only for one out of or price is not the sole consideration
his 5 business different units having It can never be rejected
same Permanent Account Number? When the goods are sold at very low
margins
Yes
No What deductions are allowed from the
Yes, with prior approval of the Central transaction value
Government
Yes, subject to prior approval of the Discounts mention on invoice
GST Council Packing Charges mention on invoice
Any amount paid by customer on
Can a registered person under behalf of the supplier
Composition Scheme claim input tax Freight charges mention on invoice
credit?
Is definition of Inputs includes capital
Yes goods
No
Input tax credit on inward supply of Yes
goods only can be claimed No
Whether credit on capital goods can be Whether credit can be availed without
taken immediately on receipt of the actual receipt of goods where goods are
goods? transferred through transfer of
document of title before or during the
Yes movement of goods?
After usage of such capital goods
After capitalizing in books of Accounts Yes
None of the above No
Yes, in specific instances
When can a registered person avail Can be availed only after transfer of
credit on inputs? document of title after movement of
goods
on receipt of goods
on receipt of documents Whether depreciation on tax component
Both of capital goods and Plant and
None of the above Machinery and whether input tax credit
(ITC) is Permissible?
In case supplier has deposited the taxes
but the receiver has not received the Yes
goods, is receiver entitled to avail No
credit? Input tax credit is eligible if
depreciation on tax component is not
Yes, it will be automatically show in availed
recipient monthly returns. None of the above
No, as one of the conditions of section
16(2) is not fulfilled. For capital goods, proportionate credit
Yes if the receiver can prove later that is allowed
goods are received subsequently
None of the above for business and non-business purpose
for business or non- business purpose
Input tax credit on capital goods and both of the above
none of the above
Inputs can be availed in
In thirty six installments
In twelve installments Banking company or Financial
In one installment Institution have an option of claiming
In six installments ITC:

The time limit to pay the value of Actual Credit or 50% credit
supply with taxes Only 50% Credit
Only cctual credit
90 days Actual credit and 50% credit
6 months
180 days Can Banking Company or Financial
365 dyas Institution withdraw the option of
availing actual credit or 50% credit
anytime in the financial year?

Yes
No
Any input tax paid on purchase of
goods or services by an assessee for One year
employees is eligible for ITC? Three years
Six months
No Five years
Yes
Yes, on the services notified which are The time limit beyond which if goods
obligatory for an employer to provide to are not returned, the capital goods sent
its employees under any law for the for job work shall be treated as supply
time being in force
Not applicable One year
Three Years
Mr. A obtains new registration, Six months
voluntary registration, change of Five years
scheme from composition to regular
scheme and from exempted Is the principal entitled for credit of
goods/services to taxable goods though he has not received the
goods/services. He can avail credit on goods and has been sent to job worker
inputs lying in stock. What is the time directly by vendor
limit for taking said credit
Yes
1 year from the date of invoice No
3 year from the date of invoice Yes vendor should be located in same
5 year from the date of invoice place
None of the above None of the above

Can Mr. A avail credit on Input services A person is entitled to take credit of
or capital goods held in stock, in case of input tax as self-assessed in the return
new registration/voluntary Registration and credited to Electronic credit ledger
on
Yes
No Final basis
Yes on Input services only Provisional basis
Yes on capital goods only Partly Provisional and partly final basis
None of the above
Is Input tax to be reversed in case of
supply of capital goods Provisional Input tax credit can be
utilized against
Yes fully
No Any Tax liability
Yes, to extent of credit taken as reduced Self Assessed output Tax liability
by prescribed percentage or tax on Interest and Penalty
transaction value whichever is higher Fine
Yes to the extent of transaction value of
such goods

Matching of Input Tax credit on inward

The time limit beyond which if goods supply by recipient is undertaken with
are not returned, the input sent for job
work shall be treated as supply Monthly return filed by the supplier
Outward supply filed by the supplier On transfer of risks and rewards of the
Invoices maintained by the supplier goods to the recipient;
None of the above On receipt of payment for the supply;
Earliest of the above dates.
If there is Mis-match of supplier’s
outward supply and recipient’s claim An acknowledgement must be given on
for Input Tax credit on the same receipt of advance payment in respect
transaction of supply of goods or services:

It shall be added as output tax liability Yes, in the form of a proforma invoice;
in the hands of receiver. Yes, as a receipt voucher.
It shall be reduced as output tax Yes, the invoice must be raised to that
liability in the hands of receiver. extent;
It shall be increased as input tax credit None of the above
in the hands of receiver.
It shall be deceased as input tax credit A continuous supply of goods requires
in the hands of supplier. one of the following as a must:

Input Tax credit as credited in The goods must be notified by the

electronic Credit ledger can be utilized Commissioner in this behalf;
for The contract for supply lasts for a
minimum period of 3 months;
Payment of Interest The supply is made by means of a wire,
Payment of penalty cable, pipeline or other conduit;
Payment of Fine Supplier invoices the recipient on a
Payment of Taxes regular or periodic basis.

Tax invoice must be issued by________ The registered recipient must issue an
invoice in the following cases:
Every supplier
Every taxable person The supplier fails to issue an invoice;
Registered persons not paying tax The supplier is unregistered.
under composition scheme The goods or services received notified
All the above for tax on reverse charge basis;
All of the above.

A bill of supply can be issued in case of In case of goods sent on sale on

inter-State and intra-State: approval basis, invoice has to be
issued:
Exempted supplies
Supplies by composition suppliers; while sending the goods; another
Supplies to unregistered persons; Invoice has to be issued by the recipient
None of the above. while rejecting the goods;
while sending the goods but the
recipient can take credit only when the
goods are accepted by him;
when the recipient accepts the goods or
six months from the date of supply
An invoice must be issued: whichever isearlier.

At the time of removal of goods. The books and other records U/S 35
are to be maintained at
A. Place where the books and accounts A. Personal Ledger Account
are maintained B. Refund account
B. Place of address of the Proprietor/ C. Electronic Cash Ledger
Partner/Director/Principal Officer D. Electronic Credit Ledger
C. Principal place of business
mentioned in the Certificate of Any registered taxable person who fails
Registration to furnish the details and file the return
D. Any of the above within the due date prescribed shall be
liable to
Accounts are required to be maintained
in A. Interest at the rate of 1% per month
B. Late fee of Rs. 100 for every day up
A. Manual form to Rs. 5000
B. Electronic form C. Both (a) and (b)
C. Manual and electronic form D. None of the above
D. Manual or electronic form
Which of these registers/ledgers are
Can all the records be maintained in an maintained online?
electronic form?
A. Tax liability register
A. Yes B. Credit ledger
B. Only if authenticated by digital C. Cash ledger
signature D. All of them
C. Few records
D. No Payment made through challan will be
credited to which registers/ledgers?
First Return filed under GST is
A. Electronic Tax liability register
A. GSTR-1 B. Electronic Credit ledger
B. GSTR-3A C. Electronic Cash ledger
C. GSTR-2 D. All of them
D. GSTR-3B
E. GSTR-4 Balance in electronic credit ledger can
be utilized against which liability?
The details of outward supplies of goods
or services shall be submitted by A. Output tax payable
B. Interest payable
A. 10th of the succeeding month C. Penalty
B. 18th of the succeeding month D. All of above
C. 15th of the succeeding month
D. 20th of the succeeding month Balance in electronic credit ledger
under IGST can be used against which
liability?

A. IGST Liability only

B. IGST and CGST liability
C. IGST, CGST and SGST liability
Every registered taxable person shall be
entitled to take credit of input tax in his Balance in electronic credit ledger
return and such input tax credit shall under CGST can be used against which
be credited to liability?
 B. When his aggregate turnover
A. CGST Liability only exceeds the threshold limit
B. CGST and IGST liability C. When he is required to discharge
C. CGST, IGST and SGST liability tax on the taxable supply or services
D. None of them made by the supplier through him u/s
9(5)
Balance in electronic credit ledger D. It is mandatory to register
under SGST can be used against which irrespective of the threshold limit.
liability?
Refunds will not be allowed in cases of:-
A. SGST Liability only
B. SGST and IGST liability A. Exports made on payment of tax
C. SGST, IGST and CGST liability B. Exports made without payment of
D. None of them tax
C. Where tax on inputs are higher than
What is the due date for payment of tax on outputs
tax? D. All of the above

A. Last day of the month to which The Tourist can claim Refund of
payment relates following taxes paid
B. Within 10 days of the subsequent
month A. CGST and SGST/UTGST on supply
C. Within 20 days of the subsequent of Goods and services
month B. IGST on supply of goods consumed
D. Within 15 days of the subsequent in Jammu & Kashmir
month C. Tax paid on the supply of scotch to
be taken out of India
What is the rate of TDS? D. None of the above

A. 1% How many countries have dual – GST

B. 4% model?
C. 5%
D. 18% A. 5
B. 8
Who is considered as an e-commerce C. 10
operator, who _____________digital or D. 14
electronic facility or platform for E. None of the above
electronic commerce
Which of the following country is the
A. Owns first one to implement GST?
B. Operates
C. Manages A. USA
D. Any of the above B. France
C. China
D. Switzerland
E. Germany

When an e-commerce operator is Which of the following country has the

required to register under GST? maximum GST tax slab?

A. When he is required to collect tax at A. Greece

source u/s 52 B. China
C. USA C. 102
D. Australia D. 103
E. India E. 104

Which of the following country has the GST council formation based on Article
second highest tax slab? number _______.

A. Australia A. 279A
B. Netherland B. 289A
C. Argentina C. 266A
D. Ireland D. 255A
E. South Korea E. 286A

The tax IGST charged by The headquarters of GST council is

_________Government. _______.

A. Central A. Mumbai
B. State B. New Delhi
C. Concerned department C. Ahmadabad
D. Both a and b D. Hyderabad
E. All a, b and c E. Lucknow

The maximum rate prescribed under Who is the chairman of GST council?
IGST now is _______.
A. President of India
A. 5% B. Prime Minister
B. 12% C. Finance Minister
C. 18% D. RBI Governor
D. 28% E. Finance secretary
E. No such limit
_______ is GST Finance Ministers First
In India GST was first proposed in Panel Chairman.
_______.
A. Amit Mishra
A. 1993 B. Amit Malhodra
B. 1996 C. Amit Chandresekar
C. 1999 D. Amit Sastri
D. 2000 E. Amit kohli
E. 2002
_____ is the first state to ratify GST bill.
GST comes under which amendment
bill? A. Andhra Pradesh
B. Assam
A. 118 C. Arunachal Pradesh
B. 120 D. Bihar
C. 122 E. Telangana
D. 115
______ is the first state that passed GST
Under which Act GST was introduced? bill.

A. 100 A. Andhra Pradesh

B. 101 B. Gujarat
C. Uttar Pradesh D. 18%
D. Bihar E. 28%
E. Telangana
Who will notify the rate of tax to be
GST threshold limit of North Eastern levied under CGST?
States is _______ lakhs
A. GST Council suo moto
A. 5 B. Central Government suo moto
B. 10 C. State Government suo moto
C. 12 D. Central Government as per the
D. 15 recommendations of the GST Council
E. 20

GST threshold limit of Normal States is

_______ lakh

A. 12
B. 15
C. 20
D. 25
E. 30

The Central Board of Excise and

Customs (CBEC) announced that every
year _______ will be considered as GST
Day.

A. 1st April
B. 1st March
C. 1st June
D. 1st July
E. 1st January

Smart Phones will be taxed at _______

under GST.

A. 0%
B. 5%
C. 12%
D. 18%
E. 28%

Under GST, Insurance is taxed _______

percent.

A. 0%
B. 5%
C. 12%
  MENTION STATE CODE OF GSTIN  FIRST TWO DIGITS

SR.NO STATE NAME GSTIN FIRST STATE CODE

1 Andaman and Nicobar Islands
2 Andhra Pradesh
3 Andhra Pradesh (New)
4 Arunachal Pradesh
5 Assam
6 Bihar
7 Chandigarh
8 Chattisgarh
9 Dadra and Nagar Haveli
10 Daman and Diu
11 Delhi
12 Goa
13 Gujarat
14 Haryana
15 Himachal Pradesh
16 Jammu and Kashmir
17 Jharkhand
18 Karnataka
19 Kerala
20 Lakshadweep Islands
21 Madhya Pradesh
22 Maharashtra
23 Manipur
24 Meghalaya
25 Mizoram
26 Nagaland
27 Odisha
28 Pondicherry
29 Punjab
30 Rajasthan
31 Sikkim
32 Tamil Nadu
33 Telangana
34 Tripura
35 Uttar Pradesh
36 Uttarakhand
37 West Bengal