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

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The 'Social Welfare Surcharge' is levied on:

A. GST

B. Income tax

C. Basic customs duty

D. All taxes

Answer: Option C

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

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Under PFMS, the hierarchy of fund flow tracking ensures that funds meant for a village panchayat can be monitored by:

A. Only the state government

B. The central ministries, state departments, and executing agencies simultaneously

C. The World Bank

D. Only the village sarpanch

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Correct Answer: Option B

Explanation:
PFMS is a web-based tracking system that provides end-to-end visibility of fund flow, accessible across all levels of government hierarchy.

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

Question #2

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In case of a partnership firm, registration is:

A. Required only for banking

B. Not possible

C. Not compulsory but advisable

D. Mandatory

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Correct Answer: Option C

Explanation:
Registration of partnership firm is optional, though unregistered firms face some disabilities.

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

Question #3

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Goods destroyed by fire ₹8,000, insurance company admitted claim of ₹5,000. Loss charged to P&L A/c will be:

A. ₹13,000

B. ₹8,000

C. ₹3,000

D. ₹5,000

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Correct Answer: Option C

Explanation:
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.

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

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