The 'Surcharge' on income tax is levied for: MCQ with Answer and Explanation

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The 'Surcharge' on income tax is levied for:

A. High-income individuals/entities

B. Senior citizens only

C. All taxpayers

D. Companies only

Answer: Option A

Solution (By JKSSB Mock Tests)

Surcharge is additional tax on income above specified thresholds for individuals, HUFs, companies.

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

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Question #1

A firm's capital is ₹3,00,000, outside liabilities ₹1,50,000. Total assets will be:

A. ₹4,50,000

B. ₹1,00,000

C. ₹1,50,000

D. ₹3,00,000

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Correct Answer: Option A

Explanation:
Total Assets = Capital + Liabilities = ₹3,00,000 + ₹1,50,000 = ₹4,50,000.

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

Question #2

When starting a BRS with a debit balance as per the Cash Book, cheques issued but not yet presented for payment should be:

A. Divided

B. Added

C. Ignored

D. Deducted

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Correct Answer: Option B

Explanation:
These cheques decreased the cash book balance but not the pass book. To match the pass book, they must be added back.

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Question #3

Which of the following is a feature of the Indian Financial Management System?

A. Decentralized budgeting only

B. Zero-based budgeting is prohibited

C. Absence of audit

D. Use of appropriation accounts

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Correct Answer: Option D

Explanation:
Indian government accounting uses appropriation accounts to compare actual spending against grants approved by Parliament.

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