The 'Faceless Assessment' in income tax aims to: MCQ with Answer and Explanation

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The 'Faceless Assessment' in income tax aims to:

A. Increase face-to-face meetings

B. Decrease tax rates

C. Simplify GST

D. Eliminate physical interface between taxpayer and tax authorities

Answer: Option D

Solution (By JKSSB Mock Tests)

Faceless assessment uses technology-driven anonymized scrutiny to reduce corruption and harassment.

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

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Question #1

The 'Cash Book' serves as:

A. Both journal and ledger for cash transactions

B. Only a ledger

C. A subsidiary book for all transactions

D. Only a journal

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Correct Answer: Option A

Explanation:
Cash book records all cash and bank transactions, functioning as journal (original entry) and ledger.

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

Question #2

In standard costing, an 'Adverse Variance' occurs when:

A. Actual cost is less than standard cost

B. Actual cost is greater than standard cost

C. Standard quantity equals actual quantity

D. Actual profit is greater than budgeted profit

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Correct Answer: Option B

Explanation:
When the actual expenses exceed the predetermined standard cost, it negatively impacts profits, termed an adverse/unfavorable variance.

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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. 20%

C. 25%

D. None

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Correct Answer: Option B

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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