The 'Sabka Vishwas' scheme was related to: MCQ with Answer and Explanation

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The 'Sabka Vishwas' scheme was related to:

A. Income tax

B. Customs only

C. GST only

D. Indirect tax legacy disputes

Answer: Option D

Solution (By JKSSB Mock Tests)

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 covered service tax and excise disputes.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

In the preparation of Income and Expenditure Account, outstanding expenses at the end are:

A. Added to the respective expense

B. Shown as income

C. Ignored

D. Deducted from the respective expense

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Correct Answer: Option A

Explanation:
Outstanding expenses increase the total expense for the period.

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

Question #2

Which type of voucher is used to record a transaction that does not involve cash or bank at all?

A. Credit Voucher

B. Debit Voucher

C. Journal Voucher

D. Payment Voucher

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Correct Answer: Option C

Explanation:
A Journal Voucher (or Non-Cash/Transfer Voucher) is used for credit purchases, credit sales, depreciation, and adjusting entries.

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Question #3

A company's 'Return on Capital Employed' (ROCE) improved from 12% to 15%. This indicates:

A. Decrease in profit

B. Increase in debt

C. Better utilisation of capital

D. Decrease in efficiency

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Correct Answer: Option C

Explanation:
ROCE measures profitability relative to capital employed; increase signals improved efficiency.

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