The 'Krishi Kalyan Cess' was introduced for: MCQ with Answer and Explanation

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The 'Krishi Kalyan Cess' was introduced for:

A. Education

B. Health

C. Infrastructure

D. Agricultural development

Answer: Option D

Solution (By JKSSB Mock Tests)

Krishi Kalyan Cess (0.5%) was levied on all taxable services for agriculture welfare, subsumed in GST.

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 concept of 'Matching Principle' implies that:

A. Cash inflows must match cash outflows

B. Expenses of a period must be matched with revenues of the same period

C. Assets should match liabilities

D. Debits must always equal credits

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Correct Answer: Option B

Explanation:
The matching concept ensures that all expenses incurred to earn a specific revenue are recognized in the same accounting period to find the true profit.

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

Question #2

Assertion (A): Single Entry System is considered unscientific. Reason (R): It does not strictly follow the dual aspect principle for all transactions.

A. A is true but R is false

B. Both A and R are true and R is the correct explanation of A

C. A is false but R is true

D. Both A and R are true but R is not the correct explanation of A

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Correct Answer: Option B

Explanation:
Single entry is unscientific and incomplete because it ignores the two-fold aspect (debit and credit) for many transactions, maintaining only cash and personal accounts.

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Question #3

The term 'Substantive Testing' in audit refers to:

A. Testing the details of balances and transactions

B. Planning the audit

C. Testing the internal controls

D. Issuing the audit report

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Correct Answer: Option A

Explanation:
Substantive testing involves detailed testing of transactions and balances to detect material misstatements in the financial statements.

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