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

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The 'Krishi Kalyan Cess' was introduced for:

A. Agricultural development

B. Education

C. Health

D. Infrastructure

Answer: Option A

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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Question #1

The 'Derecognition of Financial Assets' under Ind AS 109 is based on:

A. Possession

B. Transfer of risks and rewards of ownership

C. Title

D. Legal ownership

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Correct Answer: Option B

Explanation:
Derecognition occurs when risks and rewards are substantially transferred.

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Question #2

The 'Cost of Control' (Goodwill) arises on consolidation when:

A. Parent company pays less

B. Net assets are more than purchase consideration

C. Subsidiary makes loss

D. Purchase consideration is more than net assets acquired

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Correct Answer: Option D

Explanation:
Goodwill on consolidation arises when cost of investment exceeds the fair value of net assets of subsidiary.

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Question #3

The 'Return on Investment' (ROI) formula is:

A. Net profit / Sales

B. Sales / Capital employed

C. Gross profit / Sales

D. Net profit / Capital employed

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Correct Answer: Option D

Explanation:
ROI = Net profit before interest and tax / Capital employed, or sometimes PAT/CE. Typically, Net profit / Capital employed.

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