FSCHOOL QUIZ MTNR

Pick the Right Statements about Price Levels

• Price Levels allow setting different prices for different customers.

• Price Levels automatically apply GST rates.

• One customer ledger can be linked to a specific Price Level.

• Price Levels are available only for purchase vouchers.

Aashika is reviewing her payslip and notices a Pay Head marked as “Affects Net Salary”. What does this means

• Ignored in payslip

• Shown in balance sheet only

• Included in salary computation

• Treated as a reimbursement

In a composite supply, the tax rate applicable is:

• The lowest rate among the individual items

• The average tax rate of all supplies

• The rate applicable to the principal supply

• The highest rate among all supplies

Aditi is a small business owner who has opted for the QRMP scheme. She wants to know how often she needs to make tax payments under this scheme.

• Annually

• Bi-monthly

• Monthly

• Quarterly

Deepika is trying to understand the different methods for making her monthly tax payment under QRMP. Which of the following is NOT a method she can use?

• Fixed Sum Method (FSM)

• Self-Assessment Method (SAM)

• Composition Levy Method(CLM)

• 35% Challan based method

Using ......... option in right button panel transactions in the daybook can be viewed based on a particular voucher type

• Change view

• Save View

• Configure

• Voucher Type

In which of the following cases a registered supplier can issue Bill of Supply

• A Regular dealer supplying exempted goods

• A Regular dealer supplying taxable goods

• The Supplier is paying tax under Composition scheme

• A Regular dealer providing taxable services

What is the composition levy applied for restaurant services under GST

• 5%

• 1%

• 6%

• 0%

35% Challan method is also known as

• Fixed Sum Method

• Diminishing Balance Method

• Self Assessment Method

• Straight Line Method

Which of the following E-ledgers are available in GST portal

• Electronic cash ledger

• Electronic Liability ledger

• Electronic balance ledger

• Electronic bank ledger