A: Vouching is the examination of documentary evidence. R: Vouching is the same as verification. Choose the correct option. MCQ with Answer and Explanation
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Question #1
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A tax is said to be progressive when:
Correct Answer: Option A
Explanation:
Progressive taxation means higher income earners pay a higher percentage of their income as tax, promoting wealth redistribution.
Progressive taxation means higher income earners pay a higher percentage of their income as tax, promoting wealth redistribution.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'GST on Affordable Housing' under the new regime is:
Correct Answer: Option B
Explanation:
GST for affordable housing is 1% without input tax credit.
GST for affordable housing is 1% without input tax credit.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which accounting system violates the matching principle?
Correct Answer: Option C
Explanation:
The cash system violates the matching principle because it does not match the revenues of a specific period with the expenses incurred to generate them.
The cash system violates the matching principle because it does not match the revenues of a specific period with the expenses incurred to generate them.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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