A ledger is primarily a book of: MCQ with Answer and Explanation
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Question #1
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For computing Capital Gains, the 'Cost Inflation Index' (CII) is used to:
Correct Answer: Option C
Explanation:
Indexation uses the CII to inflate the original cost of a long-term asset, reducing the taxable capital gain by accounting for inflation.
Indexation uses the CII to inflate the original cost of a long-term asset, reducing the taxable capital gain by accounting for inflation.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Constitutional Amendment' that paved way for GST was:
Correct Answer: Option A
Explanation:
The Constitution (One Hundred and First Amendment) Act, 2016 introduced GST.
The Constitution (One Hundred and First Amendment) Act, 2016 introduced GST.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The primary objective of a statutory financial audit is to:
Correct Answer: Option A
Explanation:
The main objective is to form and express an independent opinion on whether the financial statements present a true and fair view.
The main objective is to form and express an independent opinion on whether the financial statements present a true and fair view.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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