The 'Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019' was for: MCQ with Answer and Explanation

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The 'Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019' was for:

A. Income tax disputes

B. Resolution of pending indirect tax disputes under pre-GST regime

C. GST disputes

D. Direct tax disputes

Answer: Option B

Solution (By JKSSB Mock Tests)

It was a dispute resolution-cum-amnesty scheme for legacy excise and service tax cases.

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

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Question #1

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A manager is entitled to a commission of 10% on net profit AFTER charging such commission. If the profit before commission is Rs 1,10,000, the commission amount is:

A. Rs 10,000

B. Rs 9,000

C. Rs 11,000

D. Rs 12,100

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Correct Answer: Option A

Explanation:
Formula: Profit * (Rate / (100 + Rate)). 1,10,000 * (10 / 110) = Rs 10,000.

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

Question #2

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

A. Standard quantity equals actual quantity

B. Actual profit is greater than budgeted profit

C. Actual cost is less than standard cost

D. Actual cost is greater than standard cost

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Correct Answer: Option D

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

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