A tax levied on a person based on their net wealth was the Wealth Tax. In India, Wealth Tax was abolished in: MCQ with Answer and Explanation

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A tax levied on a person based on their net wealth was the Wealth Tax. In India, Wealth Tax was abolished in:

A. 2015

B. 2017

C. 1991

D. 2005

Answer: Option A

Solution (By JKSSB Mock Tests)

Wealth tax was abolished in the Union Budget of 2015-16, replaced by an additional surcharge on the super-rich.

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

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Question #1

The basic objective of bookkeeping is:

A. To prepare financial statements only

B. To calculate profit

C. To audit accounts

D. To maintain systematic records of transactions

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Correct Answer: Option D

Explanation:
Bookkeeping is the art of recording business transactions in a systematic manner.

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Question #2

S1: Carriage Inwards is added to the Trading Account. S2: Carriage Outwards is added to the Trading Account. Which statement(s) is/are correct?

A. S2 only

B. Both S1 and S2

C. S1 only

D. Neither S1 nor S2

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Correct Answer: Option C

Explanation:
Carriage Inwards is a direct expense related to purchases and is added to the Trading Account. Carriage Outwards is a selling and distribution expense, shown in the Profit and Loss Account.

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Question #3

A trader sells goods costing ₹20,000 for ₹25,000. The gross profit margin is:

A. 20% on sales? Actually profit 5,000 on sales 25,000 = 20%.

B. None

C. 25%

D. 20%

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Correct Answer: Option D

Explanation:
Gross profit = 5,000. Gross profit ratio on sales = (5,000/25,000)*100 = 20%.

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

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