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. Indirect tax legacy disputes

C. Customs only

D. GST only

Answer: Option B

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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Question #1

The term 'IFRS' stands for:

A. Indian Financial Reporting Standards

B. International Fiscal Reporting Standards

C. International Financial Reporting Standards

D. Indian Fiscal Reporting System

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Correct Answer: Option C

Explanation:
IFRS stands for International Financial Reporting Standards, issued by IASB.

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Question #2

The 'Recoverable Amount' of a cash-generating unit (CGU) is:

A. Lower of cost and net realisable value

B. Current market price

C. Replacement cost

D. Higher of fair value less costs of disposal and value in use

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Correct Answer: Option D

Explanation:
As per Ind AS 36, recoverable amount is the higher of FVLCD and VIU.

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

Question #3

The 'Fiscal Deficit' is:

A. Total expenditure minus total revenue

B. Primary deficit plus interest payments

C. Revenue deficit minus grants

D. Total expenditure minus total receipts (excluding borrowings)

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Correct Answer: Option D

Explanation:
Fiscal deficit = Total expenditure - (Revenue receipts + Non-debt capital receipts). It indicates borrowing requirement.

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

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