A 'Change in Accounting Estimate' is applied: MCQ with Answer and Explanation
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Question #1
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The 'Finance Act' gives effect to:
Correct Answer: Option B
Explanation:
Finance Act is passed to enact the tax proposals of the budget.
Finance Act is passed to enact the tax proposals of the budget.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A favourable variance in materials cost indicates that:
Correct Answer: Option B
Explanation:
Favourable means beneficial to profit, which happens when actual costs are lower than standard expected costs.
Favourable means beneficial to profit, which happens when actual costs are lower than standard expected costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Goods and Services Tax' (GST) compensation cess is levied on:
Correct Answer: Option B
Explanation:
Compensation cess is specifically on pan masala, tobacco, coal, aerated drinks, automobiles, etc.
Compensation cess is specifically on pan masala, tobacco, coal, aerated drinks, automobiles, etc.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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