The 'Social Welfare Surcharge' is levied on: MCQ with Answer and Explanation

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The 'Social Welfare Surcharge' is levied on:

A. Income tax

B. Basic customs duty

C. All taxes

D. GST

Answer: Option B

Solution (By JKSSB Mock Tests)

Social welfare surcharge is levied on the aggregate of duties of customs, except certain items.

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

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Question #1

The 'Voting weight' of the Union Government in GST Council is:

A. One-third

B. Half

C. Full

D. Two-thirds

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Correct Answer: Option A

Explanation:
Union has one-third weight and all states together have two-thirds weight.

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Question #2

Rent outstanding is an example of which type of account?

A. Nominal Account

B. Artificial Personal Account

C. Representative Personal Account

D. Real Account

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Correct Answer: Option C

Explanation:
Outstanding expenses represent amounts payable to specific persons, thus classifying them as representative personal accounts.

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Question #3

An amount received from a debtor whose account was previously written off as bad debt is:

A. Debited to Bad Debts A/c

B. Credited to Debtor's A/c

C. Credited to Bad Debts Recovered A/c

D. Credited to Sales A/c

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Correct Answer: Option C

Explanation:
It represents a new gain and is credited to Bad Debts Recovered, a nominal account, without reopening the debtor's account.

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

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