The 'Vivad se Vishwas' scheme (2024) is for: MCQ with Answer and Explanation

Question

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The 'Vivad se Vishwas' scheme (2024) is for:

A. GST disputes

B. Customs disputes

C. All tax disputes

D. Direct tax disputes

Answer: Option D

Solution (By JKSSB Mock Tests)

Vivad se Vishwas (2024) is a scheme for settlement of pending income tax disputes.

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

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Question #1

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In a bank reconciliation, a 'Direct deposit by customer' into bank not recorded in cash book will:

A. Increase cash book balance

B. No effect

C. Be adjusted in passbook

D. Decrease cash book balance

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Correct Answer: Option A

Explanation:
When starting with cash book balance, direct deposit increases bank balance, so add to cash book to reconcile with passbook.

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

Question #2

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

A. Deducted

B. Added

C. Divided

D. Ignored

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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.

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

Question #3

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In the diminishing balance method, if the rate is 10% and the asset cost is ₹10,000, what is the depreciation for the second year?

A. ₹9,000

B. ₹1,000

C. ₹8,000

D. ₹900

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Correct Answer: Option D

Explanation:
Year 1 Dep = 10% of 10,000 = 1,000. WDV = 9,000. Year 2 Dep = 10% of 9,000 = ₹900.

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

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