The 'Gratuity' is a: MCQ with Answer and Explanation

Question
The 'Gratuity' is a:
A. Short-term benefit
B. Termination benefit
C. Defined benefit plan
D. Defined contribution plan
Answer: Option C
Solution (By JKSSB Mock Tests)
Gratuity is a defined benefit plan as the employer's obligation is to provide a specific amount.
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 'e-assessment' scheme for income tax was launched to:
A. Increase tax rates
B. Eliminate digital filing
C. Faceless scrutiny
D. Reduce refunds
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Correct Answer: Option C

Explanation:
E-assessment aims at faceless and paperless scrutiny of tax returns.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Advance Tax' is payable if tax liability exceeds:
A. ₹1,000
B. ₹10,000
C. ₹5,000
D. ₹20,000
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Correct Answer: Option B

Explanation:
Advance tax is required to be paid if the net tax liability is ₹10,000 or more.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which accounting concept prevents the anticipation of profits but allows recognition of all losses?
A. Realization concept
B. Prudence (Conservatism) concept
C. Consistency concept
D. Materiality concept
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Correct Answer: Option B

Explanation:
Prudence concept states that one should not anticipate profits but provide for all possible losses.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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