The 'Equalisation Levy 2.0' at 2% applies to: MCQ with Answer and Explanation

Question
The 'Equalisation Levy 2.0' at 2% applies to:
A. E-commerce supply of goods or services by non-resident e-commerce operator
B. Online advertisement
C. All sales
D. All digital services
Answer: Option A
Solution (By JKSSB Mock Tests)
Finance Act 2020 expanded equalisation levy to e-commerce operators at 2%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The process of transferring entries from journal to ledger is called:
A. Balancing
B. Recording
C. Posting
D. Journalizing
Discuss
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Correct Answer: Option C

Explanation:
Posting is the process of transferring debit and credit amounts from journal to respective ledger accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the Income Tax Act, which of the following is NOT eligible for deduction under the specific Section 80C limit of ₹1,50,000?
A. Public Provident Fund (PPF)
B. Medical Insurance Premium for self
C. Life Insurance Premium
D. Sukanya Samriddhi Account
Discuss
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Correct Answer: Option B

Explanation:
Medical insurance premiums are eligible for deduction under Section 80D, not Section 80C. LIC, PPF, and Sukanya Samriddhi are all eligible under Section 80C.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Audit Evidence' is more reliable if:
A. Obtained from independent external sources
B. Obtained from management
C. Oral
D. Internally generated
Discuss
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Correct Answer: Option A

Explanation:
External evidence is generally more reliable than internal evidence.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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