A 'Compound Journal Entry' may include: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
Under the Income Tax Act, the deduction under Section 80C has a maximum limit of ₹1,50,000. Which of the following is NOT eligible for deduction under Section 80C?
Correct Answer: Option B
Explanation:
Contributions to NPS Tier-I are eligible for deduction under Section 80CCD(1) (within the 80C limit) and an additional ₹50,000 under 80CCD(1B). However, the question asks what is not eligible *under 80C specifically*. Actually, NPS Tier 1 is under 80CCD. Let me rephrase to be precise.
Contributions to NPS Tier-I are eligible for deduction under Section 80CCD(1) (within the 80C limit) and an additional ₹50,000 under 80CCD(1B). However, the question asks what is not eligible *under 80C specifically*. Actually, NPS Tier 1 is under 80CCD. Let me rephrase to be precise.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
The term 'Virement' in budgetary control refers to:
Correct Answer: Option C
Explanation:
Virement is the process of transferring funds from one budget head to another to meet unforeseen expenses without increasing the total budget.
Virement is the process of transferring funds from one budget head to another to meet unforeseen expenses without increasing the total budget.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
The 'Revenue from Contracts with Customers' (Ind AS 115) requires identification of performance obligations. A performance obligation is:
Correct Answer: Option B
Explanation:
Distinct goods/services are separate performance obligations.
Distinct goods/services are separate performance obligations.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!