The 'Employees' State Insurance' (ESI) scheme provides: MCQ with Answer and Explanation

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The 'Employees' State Insurance' (ESI) scheme provides:

A. Education loan

B. Housing loan

C. Medical, sickness, maternity, disablement, and dependent benefits

D. Pension only

Answer: Option C

Solution (By JKSSB Mock Tests)

ESI is a social security scheme offering comprehensive medical and cash benefits.

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

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Question #1

The primary objective of 'Tax Audit' is:

A. To assess corporate governance

B. To check compliance with income tax provisions

C. To certify financial statements for banks

D. To audit GST returns

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Correct Answer: Option B

Explanation:
Tax audit under Section 44AB ensures compliance with income tax law and correct reporting of income.

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Question #2

Under GST, the 'E-way bill' is not required for the movement of goods:

A. Where the consignment value is less than ₹50,000

B. From the consignor's place of business to the transporter's place of business for transportation

C. Both A and B

D. None of the above

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Correct Answer: Option C

Explanation:
An e-way bill is not required if the consignment value is below ₹50,000, or for specific movements like goods being sent to a transporter for the purpose of transportation from the consignor's place of business.

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Question #3

Nominal accounts are closed at the end of the accounting year by transferring them to:

A. Capital Account

B. Balance Sheet

C. Trading and Profit & Loss Account

D. Suspense Account

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Correct Answer: Option C

Explanation:
Nominal accounts represent expenses and incomes, which are summarized into the Trading and P&L accounts to determine net profit/loss.

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