The 'Impairment of Assets' testing: Goodwill is allocated to: MCQ with Answer and Explanation

Question
The 'Impairment of Assets' testing: Goodwill is allocated to:
A. Parent company only
B. All assets equally
C. Cash-generating units (CGUs) or groups of CGUs that are expected to benefit from synergies
D. Individual assets
Answer: Option C
Solution (By JKSSB Mock Tests)
Goodwill must be tested for impairment at the CGU level.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Which government initiative relies on PFMS to ensure that farmers receive minimum income support seamlessly?
A. Make in India
B. Skill India
C. PM KISAN
D. Smart Cities Mission
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Correct Answer: Option C

Explanation:
PM KISAN uses the Direct Benefit Transfer (DBT) mechanism of the PFMS to transfer funds directly into the bank accounts of farmers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Input Tax Credit under GST can be claimed on:
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Correct Answer: Option B

Explanation:
ITC is available only for inputs used in the course of business, subject to conditions in CGST Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Baggage Rules' under Customs provide for:
A. No allowance
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C. Duty on all luggage
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Correct Answer: Option D

Explanation:
Baggage Rules specify the quantity and value of goods that can be brought duty-free.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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