The 'Vivad se Vishwas' scheme relates to: MCQ with Answer and Explanation

Question
The 'Vivad se Vishwas' scheme relates to:
A. Indirect tax disputes
B. GST disputes
C. Direct tax disputes
D. Customs disputes
Answer: Option C
Solution (By JKSSB Mock Tests)
Vivad se Vishwas 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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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Arm's Length Price' is:
A. Price that would be charged between unrelated parties
B. Price charged between related parties
C. Market price
D. Government fixed price
Discuss
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Correct Answer: Option A

Explanation:
Arm's length price is the price applied in a transaction between independent parties under similar conditions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
For real accounts, the rule is:
A. Debit the receiver, Credit the giver
B. Debit expenses and losses, Credit incomes and gains
C. None of these
D. Debit what comes in, Credit what goes out
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Correct Answer: Option D

Explanation:
Real accounts (assets) follow: Debit what comes in, credit what goes out.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which accounting principle requires that the same accounting methods should be used from year to year?
A. Going concern
B. Consistency
C. Materiality
D. Accrual
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Correct Answer: Option B

Explanation:
Consistency ensures comparability by applying same policies consistently.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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