The 'Swachh Bharat Cess' was a cess on: MCQ with Answer and Explanation

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The 'Swachh Bharat Cess' was a cess on:

A. Corporate profits

B. All taxable services (during pre-GST era)

C. GST

D. Income tax

Answer: Option B

Solution (By JKSSB Mock Tests)

Swachh Bharat Cess at 0.5% was levied on taxable services before GST.

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

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Question #1

The Profit and Loss Appropriation Account is prepared:

A. Instead of Profit & Loss Account

B. After preparing Profit & Loss Account

C. Before preparing Trading Account

D. Only in case of losses

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Correct Answer: Option B

Explanation:
P&L Appropriation Account is prepared after the Profit & Loss Account to distribute the net profit among partners.

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Question #2

S1: In the context of PFMS, the 'Direct Benefit Transfer' (DBT) scheme mandates the use of Aadhaar for authentication. S2: DBT transfers funds directly from the government treasury to the beneficiary's bank account. Which statement(s) is/are correct?

A. S1 only

B. Neither S1 nor S2

C. Both S1 and S2

D. S2 only

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Correct Answer: Option C

Explanation:
Both statements are correct. DBT aims to eliminate leakages by transferring funds directly to beneficiaries' accounts via PFMS, and it heavily relies on Aadhaar seeding and authentication for identity verification.

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Question #3

An opening journal entry is passed to:

A. Adjust closing stock

B. Close nominal accounts

C. Bring forward the balances of assets, liabilities, and capital from the previous year

D. Record the first transaction of the year

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Correct Answer: Option C

Explanation:
The opening entry records the closing balances of real and personal accounts from the previous year into the new books.

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